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