[The following information applies to the questions displayed below.] The following data is provided for Garcon Company and Pepper Company. Garcon Company Beginning finished goods inventory Beginning work in process inventory. Beginning raw materials inventory (direct materials) $ 14,100 Pepper Company $ 17,350 17,900 23,850 11,600 14,850 Rental cost on factory equipment 34,750 26,050 Direct labor 21,600 37,400 Ending finished goods inventory 19,850 15,3001 Ending work in process inventory 22,300 17,800 Ending raw materials inventory 6,300 7,800 Factory utilities 14,250 15,750 Factory supplies used (indirect materials) 10,900 3,600 General and administrative expenses 21,500 56,000 Indirect labor 1,400 8,080 Repairs-Factory equipment 5,060 2,000 Raw materials purchases 33,500 58,500 Selling expenses Sales Cash Factory equipment, net Accounts receivable, net 57,600 58,900 210,030 310,010 27,000 18,200 237,500 118,825 16,000 24,200 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. 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, 2019 Operating expenses 0 Income (loss) before tax $ 0 Req 1 Garcon Req 1 Pepper > 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 Pepper Company. PEPPER COMPANY Income Statement For Year Ended December 31, 2019 Operating expenses 0 Income (loss) before tax S 0 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 current asset section of the balance sheet for Garcon Company. GARCON COMPANY Partial Balance Sheet As of December 31, 2019 Inventories: Total current assets 0 0 ces 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 Pepper Company. PEPPER COMPANY Partial Balance Sheet As of December 31, 2019 Inventories Total current assets 0 $ 0