Determine the earnings per share on common stock, assuming income before bond interest and income tax is $480,000. Enter answers in dollars and cents, rounding to the nearest cent. Plan 1 $Earnings per share on common stock Plan 2 $Earnings per share on common stock

Alternative Financing Plans Folmar Co. is considering the following alternative financing plans: Plan 1 Plan 2 Issue 10% bonds (at face value) $1,200,000 $600,000 Issue preferred $1 stock, $10 par — 1,000,000 Issue common stock, $5 par 1,200,000 800,000 Income tax is estimated at 40% of income. Determine the earnings per share on common stock, assuming income before bond interest and income tax is $480,000. Enter answers in dollars and cents, rounding to the nearest cent. Plan 1 $Earnings per share on common stock Plan 2 $Earnings per share on common stock