Problem 3-25A (Algo) Basic transactions for three accounting cycles: Perpetual system LO 3-6 Blooming Flower Company was started in Year 1 when it acquired $60,300 cash from the sue of common stock. The following data summarize the company's first three years' operating activities. Assume that all transactions were cash transactions. Purchases of inventory Sales Cont of goods sold Selling and administrative expenses Year 1 $23,600 27,700 12,200 5,410 Year 2 $11,200 30,200 18,200 8.130 Year 5 519,400 37,500 18,700 9,100 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) Answer is not complete. Complete this question by entering your answers in the tabs below. Answer is not complete. Complete this question by entering your answers in the tabs below. Income Balance Statements Sheets Prepare an income statement (use multistep format) 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 Cash x $ 63,000 23,600 11,200 19,400 39,400 (11,200) (19.400) Operating expenses $ 39.400 $(11.200) $ (19.400) Return to question Prepare a 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 Balance Sheets As of Year Ended December 31 Year 1 Year 2 Year 3 Assets $ 0 0 $ 0 Total assets Liabilities Stockholders' equity 0 o Total stockholders' equity Total liabilities and stockholders equity ao $ 0 $ 0 s $