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Exercise 181 Your answer is partially correct. Try again. The board of directors of Les Corporation is considering two plans for financing the purchase of new plant equipment. Plan #1 would require the issuance of $5,000,000, 6%, 20-year bonds at face value. Plan #2 would require the issuance of 100,000 shares of $5 par value common stock which is selling for $50 per share on the open market. Les Corporation currently has 100,000 shares of common stock outstanding and the income tax rate is expected to be 35%. Assume that income before interest and income taxes is expected to be $500,000 if the new factory equipment is purchased. Prepare a schedule which shows the expected net income after taxes and the earnings per share on common stock under each of the plans that the board of directors is considering. (If answer is zero please enter 0, do not leave any fields blank. Round earnings per share to 2 decimal places, e.g. 5.25.) Plan #1 Plan #2 Issue Bonds Issue Stock Income Before Interest and Taxes 500,000 500,000 $ SI Interest Expense (300,000) 1 Income Before Taxes 200,000 500,000 X Income Taxes 175,000 Net Income 325,000 Outstanding Shares 100,000 200,000 Earnings Per Share 100,000 1.63 Click if you would like to Show Work for this question: Open Show Work