The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Garcon Pepper F3 Company Company Finished goods inventory, beginning $ 14, 400 $ 17, 800 Work in process inventory, beginning 16,400 19 , 800 Raw materials inventory, beginning 8 , 800 12, 600 Rental cost on factory equipment 30, 000 26, 350 Direct labor 20, 400 35, 800 Finished goods inventory, ending 21, 800 15, 300 Work in process inventory, ending 24, 400 16, 600 Raw materials inventory, ending 5, 600 9, 400 Factory utilities 12, 300 16, 750 General and administrative expenses 24, 500 50, 500 Indirect labor 13, 650 13, 200 Repairs-Factory equipment 7,940 3, 650 Raw materials purchases 40, 500 56, 500 Selling expenses 54,000 58, 600 Sales 272, 490 396, 570 Cash 23, 000 17, 700 Accounts receivable, net 15, 600 24, 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