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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 Issue Bonds Plan #2 Issue Stock TIncome Before Interest and Taxes 500,000 S 500,000 1 Interest Expense 300,000 Income Before Taxes 200,000 T Income Taxes 500,000 175,000 325,000 T Net Income T Outstanding Shares 100,000 Earnings Per Share