Betty's Baking is debating between a leveraged and an unleveraged capital structure. The all-equity capital structure would consist of 110,000 shares of stock. The debt and equity option would consist of 46,000 shares of stock plus $650,000 of debt with an interest rate of 8 percent. What is the break-even level of earnings before interest and taxes between these two options? Ignore taxes. Select one: a. $75,969 b. $83,789 c. $89,375 d. $80,438 e. $71,500