! 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 $27 million gaming center: a. Issue $27 million of 5% bonds at face amount. b. Issue 1 million shares of common stock for $27 per share. Required: 1. Assuming bonds or shares of stock are issued at the beginning of the year, complete the income statement for each alternative. (Enter your answer 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. Round your "Earnings per Share" to 2 decimal places.) Issue Bonds Issue Stock $ 10,200,000 $ 10,200,000 Operating income Interest expense (bonds only) Income before tax Income tax expense (40%) Net income $ 0 $ 0 3,200,000 4,200,000 Number of shares Earnings per share