PE 14-1A Alternative financing plans Baker Co. is considering the following alternative financing plans:
| Plan 1 Don't use plagiarized sources. Get Your Custom Essay on determine the earnings per share of common stock assuming income before bond interes 554429 For $10/Page 0nly | Plan 2 | |
| Issue 5% bonds (at face value) | $3,000,000 | $1,500,000 |
| Issue preferred $4 stock, $25 par | — | 2,500,000 |
| Issue common stock, $40 par | 3,000,000 | 2,000,000 |
Income tax is estimated at 40% of income.
Determine the earnings per share of common stock, assuming income before bond interest and income tax is $1,000,000.
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