Blooming Flower Company was started in Year 1 when it acquired $61,100 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. Year 1 Purchases of inventory Sales $23,100 Year 2 $10,500 27,200 32,000 Year 3 $19,300 36,500 Cost of goods sold 12,300 Selling and administrative expenses 5,310 17,300 8,030 18,400 9,800 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.)