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 $ 13,500 Pepper Company $ 17,500 15,700 20,250 10,800 11,850 38,750 26,050 24,800 40,600 Finished goods inventory, ending 20,300 15,100 Work in process inventory, ending 27,700 20,600 Raw materials inventory, ending 5,700 9,600 Factory utilities 13,950 17,500 General and administrative expenses 27,500 45,000 Indirect labor 10,800 13,920 Repairs-Factory equipment 7,460 3,000 Raw materials purchases 39,000 54,000 Selling expenses 58,400 57,100 Sales 280,ese 377,080 Cash 26,000 21,700 Accounts receivable, net 14,400 24,700 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company. Required information 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 0 $ 0 Read Pepper Required information Prepare the income statement for Pepper Company. PEPPER COMPANY Income Statement For Year Ended December 31 Cost of goods sold: Goods available for sale Cost of goods sold Net income 0 0 $ 0 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 S