Current Attempt in Progress Blossom Company is considering these two alternatives for firancing the purchuse of a fleet of aliplanes 1. Issue 56,500 shares of commonstock at $46 per share. (Cash dividends have not been paid nor is the payment of ary contemplated.] 2. Issue 11: 10 year bonds at face value for $2.599.000. It is estimated that the company will earn $812,000 before interest and taxes as a result of this purchase. The company has an estimated tax rate of 40% and has 96,000 shares of common stock outstanding prior to the new financing- Determine the effect on net income and earnings per share for issuing stock and bsuing bonds, Assurne the new shares or new bonds will be outstanding for the entire year, (Round eamings per share to 2 decimal places, 8s.52.66 ) It is estimated that the compary wilf eam $812,000 before interest and taxps as a result of this purchave. Thecompany has an estimated tax rate of 40% and hus 96,000 shares of common stock outstanding prior to the new financing: Determine the effect on net income and earnings per share for insuingstock and issuirg bonds. Assume the now shares or new bonds will be outstanding for the entire year. (Round eamings per share to 2 decinal places, es. 52.66 )