Ramsey Company was started in 2011 when it acquired ($ 60,000) from the issue of common stock.

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Ramsey Company was started in 2011 when it acquired \(\$ 60,000\) 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.

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Prepare an income statement (use the multistep format) and balance sheet for each fiscal year. (Record the transaction data for each accounting period in T-accounts before preparing the statements for that year.)

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