Ambers Flower Company was started in 2014 when it acquired $75,000 cash from the issue of common stock. The following data summarize the companys first three years operating activities. Assume that all transactions were cash transactions.

	2014			2015			2016
Purchases of inventory	$	39,000		$	15,000		$	22,000
Sales		29,000			45,000			51,000
Cost of goods sold		14,900			20,000			26,000
Selling and administrative expenses		6,700			8,900			10,900

Required

Prepare an income statement (use multistep format) and balance sheet for each fiscal year. (Hint: Record the transaction data for each accounting period in the accounting equation before preparing the statements for that year.)