Use the following information for the Exercises below. [The following information applies to the questions displayed below.) The following data is provided for Garcon Company and Pepper Company. Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory Rental cost on factory equipment Direct labor Ending finished goods inventory Ending work in process inventory Ending raw materials inventory Factory utilities Factory supplies used General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Factory equipment, net Accounts receivable, net Garcon Company $ 14,100 16,700 10,200 29,000 23,800 20,000 22,600 7,600 9,600 8,800 32,500 1,800 6,380 40,500 55,200 205,530 35,000 237,500 14,200 Pepper Company $ 17,950 19,650 14,400 24,100 40,200 16,200 19,800 9,600 15, 250 4,600 51,000 7,720 2,050 69,500 54,100 310,010 20,200 121,825 19,950 Exercise 18-9 Preparing financial statements for a manufacturer LO C4, P2 Required: 1-a. Prepare income statements for both Garcon Company and Pepper Company. 1-b. Prepare the current assets section of the balance sheet for each company. Complete this question by entering your answers in the tabs below. Req 1A Garcon Req 1A Pepper Req 1B Garcon Req 1B Pepper Prepare the income statement for Garcon Company. GARCON COMPANY Income Statement For Year Ended December 31, 2017 Operating expenses Income (loss) before tax Req 1A Garcon Req 1A Pepper Req 1B Garcon Req 1B Pepper Prepare the income statement for Pepper Company. PEPPER COMPANY Income Statement For Year Ended December 31, 2017 Operating expenses Income (loss) before tax Req 1A Garcon Req 1A Pepper Req 1B Garcon Req 1B Pepper Prepare the current asset section of the balance sheet for Garcon Company. GARCON COMPANY Partial Balance Sheet As of December 31, 2017 Inventories: Total current assets Req 1A Garcon Req 1A Pepper Req 1B Garcon Req 1B Pepper Prepare the current asset section of the balance sheet for Pepper Company. PEPPER COMPANY Partial Balance Sheet As of December 31, 2017 Inventories: Total current assets