Problem 4-25A Basic transactions for three accounting cycles: Perpetual system LO 4-1,4-6 Blooming Flower Company was started in Year 1 when it acquired $60,400 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 $22,200 $11,600 $19,200 Year 2 Year 3 Purchases of inventory Sales Cost of goods sold Selling and administrative expenses 27,600 31,600 37,600 19,500 10,050 12,800 5,500 17,500 8.140 ces 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 T-accounts before preparing the statements for that year) BLOOMING FLOWER COMPANY Income Statements For the Year Ended December 31 Year 3 Year 2 Year 1 Accounts payable Next 1 of 1 Prev % blem for Points Check my work 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 T-accounts before preparing the statements for that year) BLOOMING FLOWER COMPANY Income Statements For the Year Ended December 31 Year 3 Year 1 Year 2 Accounts payable 0 ces Operating expenses S Net income Next 1 of 1 Prev blem for Points Saved Check my works BLOOMING FLOWER COMPANY Balance Sheets As at December 31 Year 1 Year 2 Year 3 Assets 0 S Total assets Liabilities Stockholders' equity 0 Total stockholders' equity Total liabilities and stockholders' equity C C Next 1 of 1 Prev AN