Exercise 243 (Part Level Submission) Manning Company has $1,000,000 in assets and $1,000,000 in stockholders' equity, with 50,000 shares outstanding the entire year. It has a return on assets ratio of 9%. In the past year it had net income of $75,000. On January 1, 2017, it issued $300,000 in debt at 5% and immediately repurchased 25,000 shares for $300,000. Management expected that, had it not issued the debt, it would have again had net income of $75,000. ? (a) Your answer is incorrect. Try again. Determine the Company's net income and earnings per share for 2016 and 2017. (Ignore taxes in your computations.) 2017 -2016 Net income Earnings per share (Round 2 decimal places, e.g. 1.25.)