Prepare a balance sheet for each fiscal year using the date from the first table and data provided.

BLOOMING FLOWER COMPANY Income Statements For the Year Ended December 31 Year 1 Year 2 Year 3 Net sales $ 27,700 $ 31,300 $ 37,800 'Cost of goods sold 11,400 16,800 19,700 Gross margin 16,300 14,500 18.100 Operating expenses Selling and administrative expenses 5,430 8,070 9,300 Net income $ 10,870 $ 6,430 $ 8,800 started in Year 1 when it acquired $60,900 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 Year 1 $ 23,500 27,700 11,400 5, 430 Year 2 $11,900 31,300 16,800 8,070 Year 3 $18,500 37,800 19,700 9,300 Income Statements Balance Sheets Prepare a balance sheet for each fiscal year. (Hint: Record the transaction data for each accounting perlod in the accounting equation before preparing the statements for that year.) Year 3 BLOOMING FLOWER COMPANY Balance Sheets As of Year Ended December 31 Year 1 Year 2 Assets Cash Merchandise inventory Retained earings S 0 Total assets $ Liabilities Stockholders' equity Common stock Retained earnings 0 $ 0 0 0 Total stockholders' equity Total liabilities and stockholders' equily S $ 0 $ 0