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 dets summarize the company's first three years' operating activities. Assume that all transactions were cash transactions. Year 1 Year 2 Year Purchases of inventory Sales Cost of goods sold Selling and administrative expenses 26,200 11,5ee 16,000 11,900 18,400 19,900 3,418 9,358 Required Prepare an income statement (use multistep format) and belance 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 Operating expenses Assets Year 1 Year 2 Year 3 BLOOMING FLOWER COMPANY Balance Sheets As at December 21 Cash Merchandise inventory Total assets Llables Stockholders equity Year 1 Year 2 Year 3 Total stockholders equity Total lalities and stockholders equity $ 03 0 5 13