Please explain thoroughly about part d.

I do not understand how to calculate the break-even spot price of the bear put spread position.

5. In April, shares of Boeing are trading for $117.55. Boeing 116 Put options with May expiration are trading for $2.61/share, and Boeing 111 Put options with May expiration are trading for $1.13/share. Consider a bear put spread on Boeing (long position in the 116 put, short position in the 111 put). Remember that each option covers 100 shares. a. What is the initial net cashflow at the time of entering the option position? Clearly indicate if this is a cash inflow or cash outflow. Cost of long 116 put 100*2.61. $261 cost. Revenue from 111 Put sale 100 1.13 $113 Net initial cashflow $261 $113 -$148 Note: $261 cost is denoted negative to indicate cash outflow b. Complete the Profit/Loss table below, showing the profit/loss of each option by itself (the 116 put, and the 111 put), as well as the net profit/loss from the overall strategy. spot a ration I $108 $111 $116 $120 P/L, Long 116 Put S539.00 $239.00 -$261.00 -$261.00 P/L Short 111 Put -$187.00 $113.00 $113.00 $113.00 Net P/L c. Draw the profit/loss graph for the option position. #2- Bear put spread $500.00 S300,00 $200,00 $100.00 d. Determine the break even spot price(s)of the bear put spread position. $114.52/share e. In a few sentences. Describe the overall strategy. When does the strategy lead to profits? What are the risks? What is the upside? The bear put spread offers limited gains along with limited risk. The position profits at spot prices below $114.52. The maximum gain of $352 occurs at any spot price below$111/share