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 $61,100 cash from the issue of common stock. The foll summarize the company's first three years' operating activities. Assume that all transactions were cash transactions. Purchases of inventory Sales Cost of goods sold Selling and administrative expenses Year 1 Year 2 Year 3 $22,400 $11,480 $18,500 26,789 31,600 37,380 13,200 16,500 19,900 5,450 8,880 9,250 Required Prepare an income statement (use multistep format) and balance sheet for each fiscal year. (Hint: Record the transactio accounting period in T-accounts before preparing the statements for that year.) BLOOMING FLOWER COMPANY Income Statements For the Year Ended December 31 Year 1 Year 2 Year 3 1 of 1 Next roblem for Points Saved Help BLOOMING FLOWER COMPANY Balance Sheets As at December 31 Year 1 Year 2 Year 3 Assets This is a numeric cell, so please enter numbers only. Total assets Liabilities Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity of 11 Next Required Prepare an income statement (use multistep format) and balance sheet for each fiscal year. (Hint: Record the transaction data for accounting period in T-accounts before preparing the statements for that year.) BLOOMING FLOWER COMPANY Income Statements For the Year Ended December 31 Year 1 Year 2 Year 3 Operating expenses BLOOMING FLOWER COMPANY Balance Sheets 1 of 1 !!! Next