Problem 9-01 From the following information, construct a simple income statement and a balance sheet: Sales Finished goods Long-term debt Raw materials Cash Cost of goods sold Accounts receivable Plant and equipment Interest expense Number of shares outstanding Earnings before taxes Taxes Accounts payable Other current liabilities Other expenses Equity $1,100,000 280,000 300,000 110,000 70,000 790,000 130,000 320,000 70,000 70,000 130,000 120,000 210,000 60,000 110,000 340,000 Round your answer for earnings per share to the nearest cent. Corporation X: Income Statement for the Year Ended XX/XX/XX Sales S 1100000 Cost of goods sold 790000 Other expenses 110000 Earnings before interest and taxes Interest expense 70000 Earnings before taxes 130000 Taxes 120000 Net earnings S Number of shares outstanding 70000 Earnings per share Corporation X Balance Sheet as of XX/XX/XX Liabilities and Owners' Equity Accounts payable Other current liabilities Total current liabilities Long-term debt Equity Assets Cash Accounts receivable Inventories Raw materials Finished goods Total inventories Total current assets Plant and Equipment Total assets $ S Total liabilities and shareholders' equity $