Required: 1-a. Prepare income statements for both Garcon Company and Pepper Company. 1-b. Prepare the current assets section of the balance sheet for each company. Complete this question by entering your answers in the tabs below. Reg 1A Garcon Req 1A Pepper Req 1B Garcon Req 18 Pepper Prepare the income statement for Pepper Company. PEPPER COMPANY Income Statement For Year Ended December 31, 2017 $ Sales 317.5101 Gross profit Operating expenses 317,510 Selling expenses General and administrative expenses Income (loss) before tax 57.100 57,000 203,410 Required information [The following information applies to the questions displayed below.] The following data is provided for Garcon Company and Pepper Company. Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory Rental cost on factory equipment Direct labor Ending finished goods inventory Ending work in process inventory Ending raw materials inventory Factory utilities Factory supplies used General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Factory equipment, net Accounts receivable, net Garcon Company 14,000 17,800 10,000 31,250 21,800 20,900 24,100 6,400 10,350 9,100 24,500 2,000 6,980 38,000 63,600 238,530 29,000 277,500 15,600 Pepper Company $ 17,950 22,500 12,150 25,600 39,800 16,300 20,200 9,000 13,500 4,700 57,000 9,520 1,750 65,000 57,100 317,510 23,700 130,825 22,950 Required: 1-a. Prepare income statements for both Garcon Company and Pepper Company. 1-b. Prepare the current assets section of the balance sheet for each am