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 18,500 Garcon Company $ 13,500 Pepper Company $ 16,600 20,250 11,500 9,300 29,500 25,750 20,200 42,200 Finished goods inventory, ending 19,250 16,800 Work in process inventory, ending. 23,200 21,000 Raw materials inventory, ending Factory utilities 7,700 8,200 10,200 16,500 General and administrative expenses 34,500 49,500 Indirect labor 11,950 15,040 Repairs-Factory equipment 4,820 3,950 Raw materials purchases 43,500 62,000 Selling expenses 64,000 49,000 Sales 278,670 371,260 Cash Accounts receivable, net 21,000 22,200 14,800 23,950 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company.