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Question: World Enterprises is determined to report earnings per share of $2.67. It therefore acquires the Wheelrim and Axle Company. You are given the following facts:

Please show all working. Question: World Enterprises is determined to report earnings per share of $2.67. It therefore acquires the Wheelrim and Axle Company. You are given the following facts: Earnings per share Price per share Price-earnings ratio Number of shares Total earnings Total market value $ $ $ $ World Enterprises 2.00 40 20 100,000 200,000 4,000,000 $ $ $ $ Wheelrim and Axle 2.50 25 10 200,000 500,000 5,000,000 Merged Firm $2.67 ? ? ? ? ? There are no gains from merging. In exchange for Wheelrim and Axle shares, World Enterprises issues just enough of its own shares to ensure its $2.67 earnings per share objective. a. Complete the below table for the merged firm. (Do not round intermediate calculations. Round the price per share to 2 decimal places, the price-earnings ratio to 1 decimal place, and the other answers to the nearest whole number.) World Wheelrim Enterprises and Axle Earnings per share $ 2.00 $ 2.50 Price per share $ 40 $ 25 Price-earnings 20 10 ratio Number of shares 100,000 200,000 Total earnings $ 200,000 $ 500,000 Total market value $4,000,000 $5,000,000 Merged Firm $2.67 b. How many shares of World Enterprises are exchanged for each share of Wheelrim and Axle? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Exchange ratio = c. What is the cost of the merger to World Enterprises? (Enter your answer as a positive value. Do not round intermediate calculations. Round your answer to the nearest whole number.) Cost of merger= $ d. What is the change in the total market value of the World Enterprises shares that were outstanding before the merger? (A negative answer should be indicated by a minus sign. Do not round intermediate calculations. Round your answer to the nearest whole number.) Change in share value=