Dickson Corp. is comparing two different capital structures. Plan I would result in $12,700$ shares of stock and $$100,050$ in debt. Plan II would result in $9,800$ shares of stock and $$226,200$ in debt. The interest rate on the debt is $10$ percent.

$$a$.$ Ignoring taxes, compare both of these plans to an all$-$equity plan assuming EBIT will be $$70,000.$ The all$-$equity plan would result in $15,000$ shares of stock outstanding. Which of the three plans has the highest EPS? The lowest?

$$b$.$ In part $($a$)$ what are the break$-$even levels of EBIT for each plan as compared to that for an all$-$equity plan? Is one higher than the other? Why?

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c$.$ Ignoring taxes, when will EPS be identical for Plans I and II$?$

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d$.$ Repeat parts $($a$),($b$),$ and $($c$)$ assuming that the corporate tax rate is $21$ percent. Are the break$-$even levels of EBIT different from before? Why or why not?

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