From the following information, construct a simple income statement and a balance sheet:

Sales$1,300,000Finished goods320,000Long-term debt200,000Raw materials80,000Cash25,000Cost of goods sold550,000Accounts receivable250,000Plant and equipment300,000Interest expense50,000Number of shares outstanding90,000Earnings before taxes550,000Taxes150,000Accounts payable150,000Other current liabilities40,000Other expenses150,000Equity585,000

Round your answer for earnings per share to the nearest cent.

Corporation X:Income Statement for the Year Ended XX/XX/XXSales$Cost of goods soldOther expensesEarnings before interest and taxesInterest expenseEarnings before taxesTaxesNet earnings$Number of shares outstandingEarnings per share$

Corporation X Balance Sheet as of XX/XX/XXAssetsLiabilities and Owners' EquityCash$Accounts payable$Accounts receivableOther current liabilitiesInventoriesTotal current liabilities$Raw materials$Long-term debtFinished goodsEquityTotal inventoriesTotal current assets$Plant and EquipmentTotal assets$Total liabilities and shareholders equity$