Please do not give solution in image format thanku and help me with correct answer Required information[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.GarconCompany$ 14,40017,6009,20034,25019,00018,20023,2007,400Finished goods inventory, beginningWork in process inventory, beginningRaw materials inventory, beginningRental cost on factory equipmentDirect laborFinished goods inventory, endingWork in process inventory, endingRaw materials inventory, endingFactory utilitiesGeneral and administrative expensesIndirect laborRepairs-Factory equipmentRaw materials purchasesSelling expensesSalesCashAccounts receivable, netReq 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 Pepper12,45025,5001. 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 Pepper Company.PEPPER COMPANYIncome StatementFor Year Ended December 31SalesCost of goods sold:Finished goods inventory, beginningCost of goods manufactured15,8006,26045,00059,600271,17032,00013,600Answer is not complete.Complete this question by entering your answers in the tabs below.✓ $PepperCompany$ 17,80022,50010,50025,60043,00016,60018,6009,40012,75045,50012,9603,50052,00056,500390, 73017, 20020,70014,400 X125,160 X$ 390,730 Required information[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.GarconCompany$ 14,40017,6009,20034,250Finished goods inventory, beginningWork in process inventory, beginningRaw materials inventory, beginningRental cost on factory equipmentDirect laborFinished goods inventory, endingWork in process inventory, endingRaw materials inventory, endingFactory utilitiesGeneral and administrative expensesIndirect laborRepairs-Factory equipmentRaw materials purchasesSelling expensesSalesCashAccounts receivable, net1. Prepare income statements for both Garcon Company and Pepper Company.2. Prepare the current assets section of the balance sheet for each company.Req 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 PepperPrepare the income statement for Garco Req 2 Garcon19,00018,20023,2007,40012,45025,50015,8006,26045,00059,600X Answer is not complete.Complete this question by entering your answers in the tabs below.GARCON COMPANYIncome StatementFor Year Ended December 31SalesCost of goods sold:Finished goods inventory, beginningCost of goods manufactured271,17032,00013,600✓$PepperCompany$ 17,80022,50010,50025,60043,00016,60018,6009,40012,75045,50012,9603,50052,00056,500390, 73017,20020,70014,40025,500 X$ 271,170

The income statement and balance sheet are the important financial statements of the business.…

Required information [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 $ 14,400 17,600 9,200 34,250 19,000 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 18,200 23,200 7,400 12,450 25,500 15,800 6,260 45,000 59,600 271,170 32,000 13,600 Pepper Company $ 17,800 22,500 10,500 25,600 43,000 16,600 18,600 9,400 12,750 45,500 12,960 3,500 52,000 56,500 390,730 17,200 20,700 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for each company.