Blooming Flower Company was started in Year 1 when it acquired $60,400 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 $23, 800 26, 800 12, 200 5,430 Purchases of inventory Sales Year 2 Year 3 518, 00 37, 200 19,500 9, 300 $11, 200 30, 500 17,700 8, 110 Cost of goods sold Selling and adeinistrative expenses 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) BLOOMING FLOWER COMPANY Income Statements For the Year Ended December 31 Year 1 Year 2 Year 3 Operating expenses Balance Sheets> BLOOMING FLOWER COMPANY Balance Sheets As of Year Ended December 31 Year 1 Year 2 Year 3 Assets Total assets Liabilities Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity Income Statements