Required information 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, Yeat 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 b Prepare a GAAP-based income statement and balance sheet for Benson Company for Year 1 , under the following independent scenatio b. Benson is in the car rental business. The $37,800 was paid to purchase automobiles. The automobies were purchased on january 1. Year 1, and have three-year useful lives, with no expected saivage value. Benson ces straight fine depreciation. The revenue was generated by leasing the automobites. Complete this question by entering your answer in the tabs below. Complete this question by entering your answer in the tabs below. Prepare an Income Statement. Prepare a balance sheet. (Amounts to be deducted should be indicated with a minus sign.)