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 2014 2015 2016 Purchases of inventory $40,000 $55,000 $ 95,000 Sales 75,000 88,000 146,000 Cost of goods sold 38,000 49,000 82,000 Selling and administrative expenses 29,000 35,000 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.)