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, 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 a equired repare a GAAP-based income statement and balance sheet for Benson Company for Year 1 under the following scenario: Benson is a promoter of rock concerts. The $48,400 was paid to provide a rock concert that produced the revenue. Complete this question by entering your answer in the tabs below. Prepare an Income Statement