Problem 9-01 From the following information, construct a simple income statement and a balance sheet: Sales $1,200,000 Finished goods 260,000 Long-term debt 300,000 Raw materials 150,000 Cash 70,000 480,000 Cost of goods sold Accounts receivable 240,000 Plant and equipment 480,000 Interest expense 70,000 Number of shares outstanding 90,000 Earnings before taxes 530,000 Taxes 120,000 Accounts payable 210,000 Other current liabilities 30,000 Other expenses 120,000 Equity 660,000 Corporation X: Income Statement for the Year Ended XX/XX/XX Sales $ Cost of goods sold Other expenses Earnings before interest and taxes Interest expense Earnings before taxes Taxes Net earnings $ Number of shares outstanding 90000 Earnings per share $