Blooming Flower Company was started in 2018 when it acquired $61,200 cash from the issue of common stock. The following data summarize the company's first three years' operating activities. Assume that all transactions were cash transactions. Purchases of inventory Sales Cost of goods sold Selling and administrative expenses 2018 $23,500 27,100 11,600 5,350 2019 $11,600 30,600 17,500 8,100 2020 $19,000 36,800 19,900 9,850 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.) Income Statements Balance Sheets Prepare an income statement for each fiscal year. (Hint: Record the transaction data for each accounting period in the accounting equation before preparing the statements for that year.) BLOOMING FLOWER COMPANY Income Statements For the Year Ended December 31 2018 2019 Net sales $ 27,100 S 30,600S Cost of goods sold (11,600) (17,500) 15,500 13,100 Operating expenses Other operating expense (5,350) (8,100) Net income | $ 10,150 $ 5,000 $ 2020 36,800 (19,900) 16,900 (9,850) 7,050 Income Statements Balance Sheets Prepare an 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.) BLOOMING FLOWER COMPANY Balance Sheets As of Year Ended December 31 2018 2019 2020 Assets Merchandise inventory Cash $ 0 Total assets Liabilities Stockholders' equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 0 0 $ $ 0 $ 0