Blooming Flower Company was started in Year 1 when it acquired $61,000 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. Year 1 Purchases of inventory $ 22,700 Year 2 $ 10,400 Year 3 $ 20,100 Sales 26,800 31,800 36,700 Cost of goods sold. Selling and administrative expenses 12,700 5,370 16,700 8,030 19,600 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) Complete this question by entering your answers in the tabs below. Income Statements Balance Sheets Prepare an income statement (use multistep format) 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 Year 1 Year 2 Year 3 Cost of goods sold Gross margin 0 0 0 Operating expenses Selling and administrative expenses Net income 0 $ 0 $ 0 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 Assets Total assets Liabilities Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity Year 1 Year 2 Year 3 0 S 0 0 0 0