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 issue 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 Cost of goods sold Selling and administrative expenses Yes 1 523,600 27,700 12,200 5.410 Your 2 $11,200 30,200 18,200 8.130 Year $19,400 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 da for each accounting period in the accounting equation before preparing the statements for that year) Complete this question by entering your answers in the tabs below. Income Statements Balance Sheets Prepare an income statement (use multistep format) for each fiscal year. (Hint: Record the transaction data for each 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) Complete this question by entering your answers in the tabs below. Income Statements Balance 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 Operating expenses Check my work Income Balance Statements Sheets 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 Total assets Liabilities Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity