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 Pepper Company $ 14,000 $ 17,500 18,400 21,900 10,400 12,450 34,250 24,700 19,600 38,600 19, 100 15,300 22,300 19, 200 6,900 8,200 9,600 15,500 12,400 4,700 32,000 44,000 2,350 9,520 6,860 3,250 41,500 68,500 52,000 52,600 196,530 297,510 23,000 22,700 262,500 133,825 15,600 19,700 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 Req 1 Garcon Req 1 Pepper Reg 2 Garcon Req 2 Pepper Prepare the income statement for Garcon Company. 196.530 GARCON COMPANY Income Statement For Year Ended December 31, 2019 Sales $ Less: Cost of goods sold Gross profit Operating expenses General and administrative expenses Selling expenses 196,530 Income (loss) before tax S 196 530 Reg Required information Req 1 Garcon Req 1 PepphReq 2 Garcon Req 2 Pepper Prepare the income statement for Pepper Company. PEPPER COMPANY Income Statement For Year Ended December 31, 2019 Operating expenses 0 Income (loss) before tax $ Reg 1 Garcon Req 1 Pepper Reg 2 Garcon Req 2 Pepper Reg 2 Garcon Prepare the current asset section of the DutOTICE Neet for Garcon Compan GARCON COMPANY Partial Balance Sheet As of December 31, 2019 Inventories Total current assets S Required information Req 1 Garcon Req 1 Pepper Reg 2 Garcon Req 2 Pepper Prepare the current asset section of the balance sheet for Pepper Compan PEPPER COMPANY Partial Balance Sheet As of December 31, 2019 Inventories Total current assets 0 S 0 Req2 Garcon