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3. Macbeth Spot Removers is entirely equity financed with values as shown below: Data Number of shares 1,100 Price per share 11 Market value of shares $ 12,100 Although it expects to have an income of $1,600 a year in perpetuity, this income is not certain. This table shows the cash flows available to stockholders under different assumptions about operating income. We assume no taxes. Operating income (5) Outcomes 600 1,100 1,600 2,100 Suppose that Macbeth Spot Removers decide to issue $2,860 of debt and uses the proceeds to repurchase 260 shares. The interest rate on the debt is 9%. A. Calculate the equity earnings, earnings per share, and return on shares for each operating income assumption. B. If the beta of Macbeth's assets is 0.82 and its debt is risk-free, what would be the beta of the equity after the debt issue