Macbeth Spot Removers is entirely equity financed with values as shown below: Data Number of shares Price per share Market value of shares 2,600 26 $ 67,600 Although it expects to have an income of $3,100 a year in perpetuity, this income is not certain. This table shows the return to stockholders under different assumptions about operating income. We assume no taxes. Operating income ($) 2,100 Outcomes 2,600 3,100 3,600 Suppose that Macbeth Spot Removers issues only $7,280 of debt and uses the proceeds to repurchase 280 shares. The interest rate on the debt is 8%. a. Calculate the equity earnings, earnings per share, and return on shares for each operating income assumption. (Input all values as a positive number. Round your "Earnings per share" answers to 2 decimal places. Enter your "Return on shares" answers as a percent rounded to 2 decimal places. Round the other answers to the nearest whole number.) Outcomes Operating income ($) Interest Equity earnings ($) Earnings per share ($) Return on shares (%) b. If the beta of Macbeth's assets is 0.60 and its debt is risk-free, what would be the beta of the equity after the debt issue? (Round your answers to 2 decimal places.) All-equity beta Debt beta D/E ratio Equity beta