From the following information, construct a simple income statement and a balance sheet:Sales$$900,000$Finished goods$250,000$Long$-$term debt$200,000$Raw materials$70,000$Cash$45,000$Cost of goods sold$540,000$Accounts receivable$340,000$Plant and equipment$370,000$Interest expense$110,000$Number of shares outstanding$80,000$Earnings before taxes$190,000$Taxes$130,000$Accounts payable$160,000$Other current liabilities$60,000$Other expenses$60,000$Equity$655,000$Round your answer for earnings per share to the nearest cent.Corporation X:Income Statement for the Year Ended XX$/$XX$/$XXSales$Cost of goods soldOther expensesEarnings before interest and taxesInterest expenseEarnings before taxesTaxesNet earnings$Number of shares outstandingEarnings per share$Corporation X Balance Sheet as of XX$/$XX$/$XXAssetsLiabilities and Owners' EquityCash$Accounts payable$Accounts receivableOther current liabilitiesInventoriesTotal current liabilities$Raw materials$Long$-$term debtFinished goodsEquityTotal inventoriesTotal current assets$Plant and EquipmentTotal assets$Total liabilities and shareholders equity$$,$