Required information [The following information applies to the questions displayed below.) Part 1 of 2 Penny Arcades, Inc., is trying to decide between the following two alternatives to finance its new $22 million gaming center: (8 04:05:31 a. Issue $22 million, 7% note. b. Issue 1 million shares of common stock for $22 per share. eBook Hint 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 $ 9,700,000 Issue Stock $ 9,700,000 Operating income Interest expense (note only) Income before tax Income tax expense (35%) Net income Number of shares Earnings per share (Net income / # of shares) 2,700,000 3,700,000