Required Information 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 $63,200 cash from revenue and incurred costs that required $49,200 of cash payments. Prepare a GAAP-based income statement cBenson is o manufocturing company. The $49.200 was paid to purchase the following item t and balance sheet for Benson Company for year 1, for the below scenario: s: () Paid $3,600 cash to purchase materials that were used to make products during the year (2) Paid $920 cash for wages of factory workers who made products during the year (3) Paid $25,080 cash for salaries of sales and administrative employees. (4) Paid $19,600 cash to purchase manufacturing equipment. The equipment was used solely to make products. It had a four-year life and a $2.400salvage value. The company uses straight-line depreciation. (5) During year 1, Lang started and completed 2100 units of product. The revenue was earned when Lang sold 1,600 units of product to its customers. Complete this question by entering your answer in the tabs below. Income Statement Balance Sheet Prepare an Income Statement BEN SON COMPANY Income statement tor Year 1 Balance Shoot>