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 $33,000 cash. During Year 1 , Benson received $63,000 cash from revenue and incurred costs that required $50,000 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 $50,000 was paid to purchase the following items: (1) Paid $3,200 cash to purchase materials that were used to make products during the year. (2) Paid $2,480 cash for wages of factory workers who made products during the year. (3) Paid $24,520 cash for salaries of sales and administrative employees. (4) Paid $19,800 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 2,400 units of product. The revenue was earned when Benson sold 2,000 units of product to its customers. Complete this question by entering your answer in the tabs below. Assessment Tool iFrame Prepare an Income Statement. Note: Do not round your intermediate calculations. c. Benson is a manufacturing company. The $50,000 was paid to purchase the following items: (1) Paid $3,200 cash to purchase materials that were used to make products during the year. (2) Paid $2,480 cash for wages of factory workers who made products during the year. (3) Paid $24,520 cash for salaries of sales and administrative employees. (4) Paid $19,800 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 2,400 units of product. The revenue was earned when Benson sold 2,000 units of product to its customers. Complete this question by entering your answer in the tabs below. Prepare a balance sheet. Note: Amounts to be deducted should be indicated with a minus sign. Do not round your intermediate calculations