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

Sales..................$1,000,000

Finished goods.............200,000

Long-term debt.............300,000

Raw materials.............100,000

Cash..................50,000

Cost of goods sold.............600,000

Accounts receivable...........250,000

Plant and equipment...........400,000

Interest expense.............80,000

Number of shares outstanding........100,000

Earnings before taxes..........220,000

Taxes..................100,000

Accounts payable.............200,000

Other current liabilities..........50,000

Other expenses.............100,000

Equity..................450,000