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 $38,000 cash. During Year 1 , Benson received $60,800 cash from revenue and incurred costs that required $48,800 of cash payments. Required Prepare a GAAP-based income statement and balance sheet for Benson Company for Year 1, under the following independent scenario: a. Benson is a promoter of rock concerts. The $48,800 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. Complete this question by entering your answer in the tabs below. Prepare a Balance Sheet