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 $60,500 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. Purchases of inventory Sales Selling and administrative expenses Year 1 Year 2 Year 3 $23,800 $10,900 $18,800 26,200 31,500 36,000 11,900 18,400 19,900 5,410 8,180 9,350 Cost of goods sold 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.)