Problem 3-25A (Static) Basic transactions for three accounting cycles: Perpetual system LO 3-6 Blooming Flower Company was started in Year 1 when it acquired $60,000 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 $50,000 Year 2 $60,000 Year 3 $ 85,000 Sales 68,000 85,000 130,000 Cost of goods sold 34,000 43,000 71,000 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.) Complete this question by entering your answers in the tabs below. 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.) Assets BLOOMING FLOWER COMPANY Balance Sheets As of Year Ended December 31 Year 1 Year 2 Year 3 Merchandise inventory Cash Total Assets Liabilities Stockholders' equity Common stock Retained earnings Accounts receivable Total stockholders' equity Total Liabilities and Stockholders' Equity 16,000 33,000 47,000 $ 16,000 $ 33,000 $ 47,000 60,000 34,000 60,000 60,000 94,000 60,000 $ 94,000 $60,000 60,000 $60,000 < Income Statements Balance Sheets >