[The following information applies to the questions displayed below.] 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 $ 12,700 14,600 9,000 $ 16,300 20,250 9,900 31,250 22,600 24,800 41,800 Finished goods inventory, ending 18,950 15,700 Work in process inventory, ending 24,700 18,600 Raw materials inventory, ending 5,500 9,200 Factory utilities 10,950 15,500 General and administrative expenses 28,500 43,500 Indirect labor 11,750 13,980 Repairs-Factory equipment 5,180 3,850 Raw materials purchases 35,000 67,000 Selling expenses 60,400 58,900 Sales 279,180 394,990 Cash Accounts receivable, net 33,000 19,200 16,600 24,700 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company. Complete this question by entering your answers in the tabs below. Req 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 Pepper Prepare the income statement for Garcon Company. + GARCON COMPANY Income Statement For Year Ended December 31 Cost of goods sold: Goods available for sale Cost of goods sold 0 0 0 Req 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 Pepper Prepare the income statement for Pepper Company. PEPPER COMPANY Income Statement For Year Ended December 31 Cost of goods sold: Goods available for sale Cost of goods sold Net income 0 0 $ 0 Complete this question by entering your answers in the tabs below. Req 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 Pepper Prepare the current asset section of the balance sheet for Garcon Company. GARCON COMPANY Balance Sheet-Current Assets Section December 31 Total current assets 0 Req 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 Pipper Popper Prepare the current asset section of the balance sheet for Pepper Company. PEPPER COMPANY Balance Sheet-Current Assets Section December 31 Total current assets $ 0 < Req 2 Garcon Req 2 Pepper >