Alternative Financing Plans Desmond Co. is considering the following alternative financing plans: Plan 1 Plan 2 $1,200,000 $600,000 Issue 10% bonds (at face value) Issue preferred $1 stock, $10 par Issue common stock, $5 par 1,000,000 1,200,000 800,000 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 $720,000. Enter answers in dollars and cents, rounding to two decimal places. Plan 1 Earnings per share on common stock Plan 2 Earnings per share on common stock