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. Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor Finished goods inventory, ending Work in process inventory, ending Raw materials inventory, ending Factory utilities General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Accounts receivable, net Garcon Company $ 14,600 17,200 10,900 32,000 21,800 19,250 23,200 7,500 14,408 23,500 11,200 4,820 43,500 62,800 281,760 21,800 16, 200 Pepper Company $ 19,600 21,300 14,700 23,950 39,800 15,700 19,400 9,400 17,750 45,500 13,260 3,950 57,500 47,200 374,490 21,200 21,789 1. Prepare Income statements for both Garcon Company and Pepper Company 2. Prepare the current assets section of the balance sheet for each company Req 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 Pepper Prepare the income statement for Garcon Company. GARCON COMPANY Income Statement For Year Ended December 31 Cost of goods sold Goods available for sale Cost of goods sold 0 S 0 Req 1 Pepper > Req 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 Pepper Prepare the income statement for Pepper Company. PEPPER COMPANY Income Statement For Year Ended December 31 Cost of goods sold Goods available for sale 0 Cost of goods sold 0 Net income Req 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 Pepper Prepare the current asset section of the balance sheet for Garcon Company. GARCON COMPANY Balance Sheet Current Assets Section December 31 Total current assets $ 0 Req 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 Pepper Prepare the current asset section of the balance sheet for Pepper Company. PEPPER COMPANY Balance Sheet Current Assets Section December 31 Total current assets 69 0