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Alternative Financing Plans Frey Co. is considering the following alternative financing plans: Plan 1 Plan 2 $840,000 $420,000 Issue 10% bonds (at face value) Issue preferred $1 stock, $10 par Issue common stock, $5 par 700,000 560,000 840,000 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 $588,000. Enter answers in dollars and cents, rounding to two decimal places. Plan 1 Plan 2 $ $ Earnings per share on common stock Earnings per share on common stock Issuing Bonds at a Face Amount On January 1, the first day of the fiscal year, a company issues a $500,000, 4%, 10-year bond that pays semiannual interest of $10,000 ($500,000 x 4% x 12 year), receiving cash of $500,000. (a) Journalize the entry to record the issuance of the bonds. (b) Journalize the entry to record the first interest payment on June 30. (c) Journalize the entry to record the payment of the principal on the maturity date. Issuing Bonds at a Discount On the first day of the fiscal year, a company issues a $4,900,000, 10%, 10-year bond that pays semiannual interest of $245,000 ($4,900,000 10% V2), receiving cash of $4,607,213. Journalize the bond issuance. If an amount box does not require an entry, leave it blank