Macbeth Spot Removers is entirely equity financed with values as shown below: Although it expects to have an income of $1,500 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. Suppose that Macbeth Spot Removers issues only $3,500 of debt and uses the proceeds to repurchase 350 shares. The interest ra on the debt is 4%. a. Calculate the equity earnings, earnings per share, and return on shares for each operating income assumption. b. If the beta of Macbeth's assets is 0.85 and its debt is risk-free, what would be the beta of the equity after the debt issue? Complete this question by entering your answers in the tabs below. Calculate the equity earnings, earnings per share, and return on shares for each operating income assumption. Note: 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