Required information [The following information applies to the questions displayed below.) The following data is provided for Garcon Company and Pepper Company. Garcon Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory (direct materials) 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 (indirect materials) General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Factory equipment, net Accounts receivable, net Company $ 12,000 14,500 7,250 27,000 19, eee 17,650 22,000 22 5,300 9,000 8,200 21,000 1,250 4,780 33,000 50,000 195,30 20,000 212,500 13,200 Pepper Company $ 16,450 19,95 9,000 22,750 35,000 13,300 16,000 7,200 12,000 3,200 43,000 7,660 1,500 52 , 46,000 299,010 15,700 115,825 19,450 Required: 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company. Prepare the income statement for Garcon Company. GARCON COMPANY Income Statement For Year Ended December 31, 2019 Operating expenses Income (loss) before tax Req 1 Garcon Req 1 Pepper Reg 2 Garcon Reg 2 Garcon Req 2 Pepper Prepare the income statement for Pepper Company. PEPPER COMPANY Income Statement For Year Ended December 31, 2019 Operating expenses Income (loss) before tax