e Saved Required information [The following information applies to the questions displayed below.) Penny Arcades, Inc., is trying to decide between the following two alternatives to finance its new $18 million gaming center: a. Issue $18 million, 5% note. b. Issue 1 million shares of common stock for $18 per share. Required: 1. Assuming the note or shares of stock are issued at the beginning of the year, complete the income statement for each alternative. (Enter your answers in dollars, not millions. (i.e., $5.5 million should be entered as 5,500,000). Round your "Earnings per Share" to 2 decimal places.) Operating income Interest expense (note only) Issue Note Issue Stock $ 9,300,000 $ 9,300,000 Income before tax Income tax expense (40%) Net income $ 0 S 0 Number of shares i 2,300,000 3,300,000 Earnings per share (Net income / # of shares)