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 Finished goods inventory, ending work in process inventory, ending Garcon Company $ 12,000 14,500 7,250 Pepper Company $ 16,450 19,950 9,000 27,000 22,750 19,000 35,000 17,650 13,300 22,000 16,000 Raw materials inventory, ending 5,300 7,200 Factory utilities General and administrative expenses 9,000 12,000 21,000 43,000 Indirect labor 9,450 10,860 Repairs-Factory equipment 4,780 1,500 Raw materials purchases 33,000 52,000 Selling expenses 50,000 46,000 Sales 195,030 290,010 Cash 20,000 15,700 Accounts receivable, net 13,200 19,4501 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company. Prepare encome Statement FOR GOICOn Company. GARCON COMPANY Sales Cost of goods sold: Income Statement For Year Ended December 31 Goods available for sale $ 195,030 Less: Finished goods inventory, ending Cost of goods sold 17,650 (17,650) Net income 0 13 Cost of goods sold: PEPPER COMPANY Income Statement For Year Ended December 31 Goods available for sale Cost of goods sold Net income $ 0 of 3 Prepare the current asset section of the balance sheet for Garcon Company. GARCON COMPANY Balance Sheet-Current Assets Section December 31 Total current assets S + 13 PEPPER COMPANY Balance Sheet-Current Assets Section December 31 Total current assets $ 0