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 $32 million gaming center: a. Issue $32 million, 7% note. b. Issue 1 million shares of common stock for $32 per share. rev: 01_30_2019_QC_CS-156023 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 $ 10,700,000 $ 10,700,000 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) 3,700,000 4,700,000