[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 $ 12,700 17,500 $ 16,150 20,250 8,400 10,950 28,000 24,100 Direct labor 23,200 39,000 Finished goods inventory, ending 19,850 14,900 Work in process inventory, ending 25,600 18,000 Raw materials inventory, ending 7,000 8,800 Factory utilities 12,600 13,000 General and administrative expenses 23,500 56,000 Indirect labor 10,300 13,280 Repairs-Factory equipment 5,060 1,650 Raw materials purchases 35,500 60,000 Selling expenses 60,400 59,800 Sales 295,170 391,240 Cash Accounts receivable, net 32,000 24,200 14,200 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. 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. Sales GARCON COMPANY Income Statement For Year Ended December 31 $ 295,170 Cost of goods sold: Finished goods inventory, beginning Cost of goods manufactured $ 12,700 Goods available for sale 12,700 Less: Finished goods inventory, ending 19,850 Cost of goods sold (7,150) Gross profit Selling expenses 60,400 General and administrative expenses 23,500 $ (83,900) < Req 1 Garcon Req 1 Pepper > 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 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 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 current asset section of the balance sheet for Garcon Company. GARCON COMPANY Balance Sheet-Current Assets Section December 31 Total current assets $ 0 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 current asset section of the balance sheet for Pepper Company. PEPPER COMPANY Balance Sheet-Current Assets Section December 31 Total current assets $ EA 0