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 Garcon Company $ 13,900 18,200 Pepper Company $ 19,450 20,250 10,400 10,200 31,500 23,950 19,400 39,000 Finished goods inventory, ending 17,750 14,900 Work in process inventory, ending 22,900 16,200 Raw materials inventory, ending 5,500 7,800 Factory utilities 10,950 15,250 General and administrative expenses 25,500 45,000 Indirect labor 14,500 13,320 Repairs-Factory equipment 4,820 2,550 Raw materials purchases 44,500 58,500 Selling expenses 59,200 55,600 Sales 282,960 394,820 Cash Accounts receivable, net 20,000 24,200 16,000 23,950 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company