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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 $62,000 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 Purchases of inventory Sales Cost of goods sold Selling and administrative expenses Year 1 Year 2 Year 3 $22,200 $11,600 $19,400 27.400 30.100 36,700 12,400 16,800 19,200 5,410 8,010 9,500 Required Prepare an income statement (use multistep format) and balance sheet for each fiscal year. (HintRecord the transaction data for each accounting period in Taccounts before preparing the statements for that year) Answer is not complete. BLOOMING FLOWER COMPANY Income Statements For the Year Ended December 31 Year 1 Year 2 Year 3 Sales discounts XS 27.400 S 30,100 36.700 Cost of goods sold 12400 16,800 19,200 Gross margin 15,000 13,300 17.500 Operating expenses Net income $ 15,000 S 13,300 $ 17,500 x Answer is not complete. BLOOMING FLOWER COMPANY Balance Sheets As at December 31 Year 1 Year 2 Year 3 Assets Cash $ 61,790 9,800 $ 72,280 4,600 $ 80,080 4,800 $ 71,590 $ 76,880 $ 84,880 Total assets Liabilities Stockholders' equity Common stock Retained earnings 62,000 9,590 62,000 14,880 62,000 22,880 76,880 Total stockholders' equity Total liabilities and stockholders equity 71,590 $ 71,590 84,880 $ 84,880 $ 76,880