Blooming Flower Company was started in 2018 when it acquired $60,000 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.

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.)

2018 2019 2020 Purchases of inventory Sales Cost of goods sold Selling and administrative expenses S50,000 $60,000 85,000 68,000 34,000 29,000 85,000 43,000 35,000 130,000 71,000 42,000