Blooming Flower Company was started in Year 1 when it acquired $61,600 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 $ 22,600 $ 10,400 $ 19,300

Sales 26,600 31,300 37,300

Cost of goods sold 12,300 17,500 19,300

Selling and administrative expenses 5,390 8,120 10,100

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.)