The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Garcon Company Pepper Company Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor $ 13,300 $ 16,150 18,600 20,400 11,200 13,050 28,000 25,300 20,800 37,400 Finished goods inventory, ending 19,700 13,600 Work in process inventory, ending 22,300 21,800 Raw materials inventory, ending 7,600 9,600 Factory utilities 10,200 12,250 General and administrative expenses 34,500 52,000 Indirect labor 14,550 14,700 Repairs-Factory equipment 7,100 2,650 Raw materials purchases 40,500 66,000 Selling expenses. 64,400 49,600 Sales 284,460 395,920 Cash 24,000 19,200 Accounts receivable, net 14,000 21,200 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company.