5. Kelton co which produces and sells skiing equipment is financed as follows: Bonds Payable 8% (issued at face value) Preferred $2 Stock $10 Par Common Stock $25 Par 20,000,000 20,000,000 20,000,000 Income tax is estimated at 40% of income Determine the earnings per share of common stock assuming that the income before bond interest and income tax is a. $10,000,000 b. $12,000,000 c. $14,000,000