JO Electronics is considering two plans for raising $3,000,000 to expand operations. Plan A is to issue 5. bonds payable, and plan B is to issue 200,000 shares of common stock Before any new financing, JO Electronics has net income of $300,000 and 300,000 shares of common stock outstanding Management believes the company can use the new funds eam additional income of $600,000 before interest and taxes. The income tax rate is 20%. Analyze the Jo Electronics situation to determine which plan will result in higher earnings Shure (Complete all answer boxes. Enter "o" for any zero balances Round earnings per share amounts to the nearest cent) Net income before new project $ 300,000 Expected income on the new project before interest and income tax expenses $ 600.000 150.000 Less Interest expense Project income before income tax 450,000 Les Income tax expense 90.000 360.000 Project not income S 660,000 Net income with new project Earnings per share with new project 2.20