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 b Drepare a GAAP-based income statement and balance sheet for Benson Company for Year 1 under the following scenario: b. Benson is in the car rental business. The $48,400 was paid to purchase automobiles. The automobiles were purchased on January 1, Year 1, and have four-year useful lives, with no expected salvage value. Benson uses straight-line depreciation. The revenue was generated by leasing the automobiles. Complete this question by entering your answer in the tabs below. Prepare an Income Statement. BENSON COMPANY Balance Sheet as of 12/31/Y Year 1 \begin{tabular}{|l|l|} \hline Assets & \\ \hline & \\ \hline & \\ \hline Total assets & $ \\ \hline Stockholders' equity & \\ \hline & \\ \hline Total stockholders' equity & \\ \hline \hline \end{tabular}