Blooming Flower Company was started in Year 1 when it acquired $61,500 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 $ 23,500 $ 11,600 $ 18,600 Sales 26,100 30,000 37,200 Cost of goods sold 13,400 18,100 19,900 Selling and administrative expenses 5,480 8,150 9,650 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.)