please show proper working and solve on paper by showing all steps and don't use excel.

8. Klingefs Clothiers is considering expanding the production of a new line of women's clothing and is examining two different financing plans to raise the requisite $4,000,000. The first plan {all equity) involves the sale of 200,000 new shares at $20 each. The sECond plan [50% equity, 50% debt) involves the sale of 100,000 new shares at $20 each and 2,000 12% coupon, 20-year bonds at par. In either case, annual fixed costs will be $2,000,000, the average cost per unit produced will be $15. and the average price per unit produced will be $50. Klinger currently has 400,000 shares outstanding and has a 25% tax rate. a} Find net profit after taxes, earnings per share, and DFL if the expected sales level is ?0.000 units. b} At what level of sales (in units) will earnings per share be equal under either plan