Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below The following data is provided for Garcon Company and Pepper Company Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory (direct materials) Rental 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 Garcon Company $ 12,200 16,700 8,280 32,000 24,200 18,950 25,600 6,500 9,300 12,700 32,000 1,750 6,260 36,000 50,400 216,30 27,880 222,500 15,880 Pepper Company $ 16,150 20,400 13,050 23,800 40,600 16,200 17,000 8,000 13,750 5,600 44,000 9,040 3,350 65,500 59,500 342,510 21,700 145,825 23,780 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 Renato Ren1 Pepper Complete this question by entering your answers in the tabs below. Req 1 Garcon Req 1 Pepper Reg 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 Required information 2. riepale uie current assets SECUIT OF LTE Vaianice See II COLII company Complete this question by entering your answers in the tabs below. Req 1 Garcon Req 1 Pepper Reg 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 ! Required information 2. riepdie uie current assets SECTION OF Le udiance sheet for each company Complete this question by entering your answers in the tabs below. Req i 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