Please answer following question below

! Required information Exercise 9-1A Compare financing alternatives (LO9-1) (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 $21 million gaming center: a. Issue $21 million, 5% note. b. Issue 1 million shares of common stock for $21 per share. Exercise 9-1A Part 1 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.) 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.) Issue Note Issue Stock $ $ 9,600,000 9,600,000 1,050,000 0 $ 9,600,000 Operating income Interest expense (note only) Income before tax Income tax expense (40%) Net income Number of shares Earnings per share (Net income /# of shares) $ 0 $ 9,600,000 2,600,000 3,600,000