Required Information {The following information applies to the questions osplayed below.] The following data is provided for Garcon Company and Pepper Company Garcon Company Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory (direct materials) Rent al cost on factory equipment Direct labor Ending finished goods inventory Ending work in process inventory Ending raw materials inventory Factory utilities Factory supplies used (indirect materials) General and administrative expenses Indirect labor Repairs Factory equipment Raw materials purchases Selling expenses Sales Cash Factory equipment, net Accounts receivable, net $ 12,380 18,280 3,600 31,750 29,200 18,200 23,500 7,980 18,280 12,180 35,000 2,200 6,269 43,500 52,400 285,538 31,600 227,500 15,6ce Pepper $ 16,750 19,650 12,450 22,450 44,200 13,480 21,600 9,660 14,689 4,400 56,500 9,769 2,950 79,600 55,380 345,818 17,200 121,825 23,700 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 1 Garcon Reg 1 Pepper Reg 2 Garcon Reg 2 Pepper Prepare the income statement for Garcon Company. GARCON COMPANY Income Statement For Year Ended December 31, 2019 Sales Less: Cost of goods sold Gross profit Operating expenses General and administrative expenses Selling expenses 205,530 (162,510) 43,020 Income (loss) before tax 43,020 Reg 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 0 Operating expenses Income (loss) before tax $ 0 Reg 1 Garcon Reg 1 Pepper Req 2 Garcon Reg 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: 0 0 Total current assets $ Reg 1 Garcon Reg 1 Pepper Reg 2 Garcon Reg 2 Pepper Prepare the current asset section of the balance sheet for Pe PEPPER COMPANY Partial Balance Sheet As of December 31, 2019 Inventories: Total current assets $ 0