3. Two companies are financed as follows: Bonds payable, 9% issued at face Common stock, $25 par Income tax is estimated at 40% of income for both companies. X Co. $5,000,000 Y Co. $3,000,000 3,000,000 3,000,000 Determine for each company the earnings per share of common stock, assuming that the income before bond interest and income taxes is $2,280,000 each