In $2019$ Manning Company has $$1,000,000$ in assets and $$1,000,000$ in stockholders' equity, with $50,000$ shares outstanding the entire year. In the past year it had net income of $$75,000.$ On January $1,2020,$ it issued $$300,000$ in debt at $5\%$ and immediately repurchased $25,000$ shares for $$300,000.$ Management expected that, had it not issued the debt, it would again have had net income of $$75,000.$

Part $1$

Determine the Company's net income and earnings per share for $2019$ and $2020.($Ignore taxes in your computations.$)$