Required information The following information appeses to the questions displayed beiow. Benson Company began operations on January 1. Year 1, by issuing common stock for $38,000 cash. During Year 1 , Benson received $60,800 cash from revenue and incurred costs that required $48,800 of cash poyments. 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 $48,800 was paid to purchase the following items: (7) Paid $3,100 cash to purchase materials that were used to make products during the year. (2) Paid $1,200 cash for wages of factory workers who made products during the year. (3) Paid $28,800 cash for salaries of sales and administrative employees. (4) Paid $15,700 cash to purchase manufacturing equipment. The equipment was used solely to make products. It had a three-year ine and a $2,200 salvage value. The company uses straight-line depreciation. (5) During Year 1, Benson started and completed 2,200 units of product. The revenue was earned when Benson sold 1,900 units of product to its customers. Complete this question by entering your answer in the tabs below. Complete this questlon by entering your answer in the tabs below. Prepare an Income Statement. (Round your intermediate calculations to 2 decimal places.) Complete this questlon by entering your answer In the tabs below. Prepare a balance sheet. (Amounts to be deducted should be indicated with a minus sign.)