Folmar Co. is considering the following alternative financing plans: Plan 1 Plan 2 Issue 10% bonds (at face value) $1,840,000 $920,000 Issue preferred $1 stock, $10 par 1,530,000 Issue common stock, $5 par 1,840,000 1,230,000 Income tax is estimated at 40% of income. Determine the earnings per share on common stock, assuming income before bond interest and income tax is $920,000. Enter answers in dollars and cents, rounding to the nearest cent.

Plan 1 $ Earnings per share on common stock

Plan 2 $ Earnings per share on common stock