Flyrite Company currently has net income of $3 million and 1.5 million common shares outstanding which sell for $20/share. Flyrite has decided to issue new stock to raise $4,000,000 to expand its operations. Flyrite's investment dealer will sell the stock for $18 with a spread of 7%. There will be a $60,000 registration cost. A) Calculate current EPS and PE ratio. B) How many shares will have to be sold to net $4 million? C) Calculate new EPS and stock price immediately after the sale if the PE ratio remains constant