Problem 3-25 Basic transactions for three accounting cycles: prepetual system LO 3-3 Amber's Flower Company was started in 2014 when it acquired $80,000 cash from the issue of CHECK FIGURES common stock. The following data summarize the company's first three years' operating activi 2014 Net Income: $8,000 ties. Assume that all transactions were cash transactions. 2015 Total Assets: $92,000 2015 2016 Purchases of inventory Sales Cost of goods sold Selling and administrative expenses 2014 $40,000 75,000 38,000 29,000 $55,000 88,000 49,000 35,000 $ 95,000 146,000 82,000 42,000 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.)