Blooming Flower Company was started in 2018 when it acquired $60,100 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.

201820192020Purchases of inventory$22,200$10,300$18,700Sales26,20030,50037,700Cost of goods sold11,70018,20019,200Selling and administrative expenses5,4008,0309,650

Required

demonstrate the 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.)