Required information [The following information applies to the questions displayed below.] The following data is provided for Garcon Company and Pepper Company. Garcon Company Beginning finished goods inventory Beginning work in process inventory $ 12,000 Pepper Company $ 19,600 14,500 21,750 Beginning raw materials inventory (direct materials) 11,000 12,750 Rental cost on factory equipment 32,000 25,750 Direct labor 23,800 43,400 Ending finished goods inventory 19,550 13,400 Ending work in process inventory 28,000 21,000 Ending raw materials inventory 5,400 8,200 Factory utilities 12,600 15,500 Factory supplies used (indirect materials) 9,400 5,400 General and administrative expenses 31,500 44,000 Indirect labor 1,350 8,320 Repairs Factory equipment 5,780 1,700 Raw materials purchases 35,000 61,500 Selling expenses 64,800 55,900 Sales Cash 216,030 295,010 Factory equipment, net 23,000 282,500 18,200 145,825 Accounts receivable, net 15,800 24,200 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. Complete this question by entering your answers in the tabs below. 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, 2019 Operating expenses Income (loss) before tax 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. Complete this question by entering your answers in the tabs below. 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, 2019 Operating expenses Income (loss) before tax < Req 1 Garcon Req 2 Garcon > 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. Complete this question by entering your answers in the tabs below. 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 Partial Balance Sheet As of December 31, 2019 Inventories: Total current assets < Req 1 Pepper Req 2 Pepper > 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. Complete this question by entering your answers in the tabs below. 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 Partial Balance Sheet As of December 31, 2019 Inventories: Total current assets < Req 2 Garcon Req 2 Pepper >