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 $ 13,900 18,500 8,700 28,250 24,800 19,552 25,000 6,400 12,000 22,580 10,900 7,100 44,500 56,400 292, 290 31,000 17,000 Pepper Company $ 19,750 22,950 14,250 25,450 44,200 13,900 19,480 8,800 15,500 56,000 14,540 2,050 58,500 56,200 392,010 20,208 22,200 1. Prepare income statements for both Garcon Company and Pepper Company 2. Prepare the current assets section of the balance sheet for each company Required information Req 1 Garcon Req 1 Pepper Reg 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: 0 Goods available for sale Less: Finished goods inventory, ending Cost of goods sold 19,550 (19,550) Reg 1 Garcon Req 1 Pepper Reg 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 0 Req 1 Garcon Req 1 Pepper Req 2 Garcon Reg 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 Raq 1 Pepper Req 2 Peppar > 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 $ 0