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 $30,000 cash. During Year 1 . Benson received $56,800 cash from revenue and incurred costs that required $37,800 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 independent scenario: c. Benson is a manufacturing company. The $37,800 was paid to purchase the following items: (1) Paid $3,400 cash to purchase materials that were used to make products during the year. (2) Paid \$3,900 cash for wages of factory workers who made products during the year. (3) Paid $9,400 cash for salaries of sales and administrative employees. (4) Paid \$21,100 cash to purchase manufacturing equipment. The equipment was used solely to make products. It had a four-year life (5) During Year 1 , Benson started and company uses straight-line depreciation. product to its customers. Complete this question by entering your answer in the tabs belo Prepare an Income Statement. (Round your intermediate calculations to 2 Prepare a balance sheet. (Amounts to be deducted should be indicated with a minu