[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. Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor Finished goods inventory, ending Work in process inventory, ending Raw materials inventory, ending Factory utilities General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Accounts receivable, net Garcon Company $ 12,400 17,000 10,600 28,750 23,200 20,600 23,200 5,900 11,700 35,000 12,800 5,300 34,500 55,600 297, 210 26,000 14,600 Pepper Company $ 19,750 23,250 9,300 23,500 43,400 16.700 22,000 8,600 14,250 55,000 15,500 2,250 54,000 53,500 379,900 24,200 22,950 1. Prepare income statements for both Garcon Company and Pepper Company 2. Prepare the current assets section of the balance sheet for each company, Prepare the income statement for Garcon Company. GARCON COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold: A 297,210 Goods available for sale 0 0 Cost of goods sold Gross profit Selling expenses Net income Show All items $ 0 Regl Garcon Req 1 Pepper PEPPER COMPANY Income Statement For Year Ended December 31 Cost of goods sold: Goods available for sale 0 Cost of goods sold 0 Net income $ o GARCON COMPANY Balance Sheet-Current Assets Section December 31 Total current assets $ 0 PEPPER COMPANY Balance Sheet-Current Assets Section December 31 Total current assets $ 0