! Required information [The following information applies to the questions displayed below.] The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Garcon Company Pepper Company Prepare the income statement for Garcon Company. Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor $ 12,300 17,900 $ 16,450 24,000 GARCON COMPANY 9,600 13,350 27,750 26,050 24,200 40,600 Income Statement For Year Ended December 31 Finished goods inventory, ending Work in process inventory, ending 18,500 13,200 25,000 19,400 Cost of goods sold: Raw materials inventory, ending 7,800 7,400 Factory utilities 13,800 13,500 General and administrative expenses 26,500 51,000 Indirect labor 11,050 12,160 Repairs-Factory equipment 7,340 3,550 Raw materials purchases 44,000 66,500 Goods available for sale Selling expenses 63,200 58,300 Sales 273,630 375,390 Cash Accounts receivable, net. 22,000 13,600 16,200 19,700 Cost of goods sold 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company. Complete this question by entering your answers in the tabs below. 0 Prepare the income statement for Pepper Company. PEPPER COMPANY Cost of goods sold: Goods available for sale 0 Cost of goods sold $ Net income Income Statement For Year Ended December 31 0 0 $ 0 Check my work Prepare the current asset section of the balance sheet for Garcon Company. GARCON COMPANY Balance Sheet-Current Assets Section December 31 Total current assets $ Prepare the current asset section of the balance sheet for Pepper Company. PEPPER COMPANY Balance Sheet-Current Assets Section December 31 Total current assets $ 0