Problem 3-25A (Algo) Basic transactions for three accounting cycles: Perpetual system LO 3-6 Blooming Flower Company was started in Year 1 when it acquired $60,500 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. Year 1 Purchases of inventory $22,900 Year 2 $10,100 Year 31 $19,900 Sales 26,200 30,400 37,700 Cost of goods sold 13,000 17,600 18,400 Selling and administrative expenses 5,420 8,200 9,850 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.) Income Statements Balance Sheets Prepare an income statement (use multistep format) for each fiscal year. (Hint: Recom accounting period in the accounting equation before preparing the statements for tha BLOOMING FLOWER COMPANY Income Statements For the Year Ended December 31 Operating expenses Year 1 Year 2 Year 3 Income Statements Balance Sheets Prepare a 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.) BLOOMING FLOWER COMPANY Balance Sheets As of Year Ended December 31 Assets Total assets Liabilities Stockholders' equity Total stockholders' equity Year 1 Year 2 Year 3