Alternative Financing Plans Desmond Co. is considering the following alternative financing plans: Plan 1 Plan 2 Issue 5% bonds (at face value) $3,000,000 $1,000,000 Issue preferred $1 stock, $20 par 3,000,000 Issue common stock, $10 par 3,000,000 2,000,000 Income tax is estimated at 40% of income. Determine the earnings per share of common stock, assuming that income before bond interest and income tax is $400,000. Enter answers in dollars and cents, rounding to two decimal places. Plan 1 Plan 2 0.50 Earnings per share on common stock X Earnings per share on common stock