Blooming Flower Company was started in Year $1$ 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.

Year $1$ Year $2$ Year $3$

Purchases of inventory $ $23,400$ $ $11,400$ $ $20,300$

Sales $26,10031,20036,800$

Cost of goods sold $12,00017,30018,900$

Selling and administrative expenses $5,3608,1009,750$

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.$)$