Alternative Financing Plans Frey Co. is considering the following alternative financing plans: Issue 10% bonds (at face value) Issue preferred $1 stock, $10 par Issue common stock, $5 par Plan 1 $840,000 Plan 2 $420,000 - 700,000 560,000 840,000 Income tax is estimated at 40% of income. Determine the earnings per share on common stock, assuming that income before bond interest and income tax is $672,000. Enter answers in dollars and cents, rounding to two decimal places. Plan 1 $ 1.2 X Earnings per share on common stock Plan 2 $ 1.4 X Earnings per share on common stock