Required Information [The following information applies to the questions displayed below.) The following data is provided for Garton 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 adeinistrative expenses Indirect labor Repairs-Factory equipment Raw waterials purchases Selling expenses Sales Cash Accounts receivable, net Garcon Company $ 12,000 14,500 7,250 27,000 19,90 17,650 22,000 5,300 9,000 21,000 9,450 4,780 33,000 50,000 195, 930 20,000 13,200 Pepper Company $ 16,450 19,95 9,000 22,75e 35,000 13,300 16,000 7,200 12,000 43,800 10,860 1,500 52,000 46,000 290, 910 15,700 19,450 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 Reg 1 Pepper Req 2 Garcon Req 2 Pepper Prepare the income statement for Garcon Company. GARCON COMPANY Income Statement For Year Ended December 31 Sales 195,030 Cost of goods sold Cost of goods manufactured S 91.030 Goods available for sale 91,030 Cost of goods sold 91.030 104,000 Net income 104,000 Req 1. Pepper > Req 1 Garcon Req 1 Hepper Reg 2 Garcon Reg 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 Net income 0 Complete this question by entering your answers in the tabs below. Req 1 Garcon Req 1 Pepper Req 2 Tarcon Reg 2 Pepper Prepare the current asset section of the balance sheet for Garcon Company, GARCON COMPANY Balance Sheet Current Asset Section December 31 Total current assets Complete this question by entering your answers in the tabs below. Req 1 Garcon Req 1 Pepper Reg 2 Garcon Reg 2 Pelaper Prepare the current asset section of the balance sheet for Pepper Company. PEPPER COMPANY Balance Sheet-Current Assets Section December 31 Cash 15,700 Accounts receivable, net 19,450 Factory equipment, net 115,825 $ 150.975 Total current assets