Blooming Flower Company was started in 2018 when it acquired $61,200 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.

	2018			2019			2020
Purchases of inventory	$	23,100		$	10,100		$	19,200
Sales		26,200			30,900			37,900
Cost of goods sold		12,800			17,400			19,200
Selling and administrative expenses		5,350			8,180			9,550

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.)

***Please include an explanation on how to get your answers in the balance sheet. Thank you!