Blooming Flower Company was started in Year 1 when it acquired $60,700 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.

	Year 1			Year 2			Year 3
Purchases of inventory	$	22,800		$	10,800		$	18,600
Sales		26,300			30,600			36,100
Cost of goods sold		12,100			18,300			19,800
Selling and administrative expenses		5,390			8,160			9,950

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 T-accounts before preparing the statements for that year.)