Problem 10-26A (Algo) Service versus manufacturing companies LO 10-4 [The following information applies to the questions displayed below.] Benson Company began operations on January 1, Year 1, by issuing common stock for $39,000 cash. During Year 1 , Benson received $61,400 cash from revenue and incurred costs that required $48,400 of cash payments. Problem 10-26A (Algo) Part c Prepare a GAAP-based income statement and balance sheet for Benson Company for Year 1 under the following scenario: c. Benson is a manufacturing company. The $48,400 was paid to purchase the following items: (1) Paid $3,100 cash to purchase materials that were used to make products during the year. (2) Paid $4,800 cash for wages of factory workers who made products during the year. (3) Paid $21,900 cash for salaries of sales and administrative employees. (4) Paid $18,600 cash to purchase manufacturing equipment. The equipment was used solely to make products. It had a four-year life and a $2,200 salvage value. The company uses straight-line depreciation. (5) During Year 1, Benson started and completed 2,500 units of product. The revenue was earned when Benson sold 2,050 units of product to its customers. Complete this question by entering your answer in the tabs below. Prepare an Income Statement. Note: Do not round your intermediate calculations. ith a