Pharoah Inc. is considering two alternatives to finance its construction of a new $1.80 million plant. (a) Issuance of 180,000 shares of common stock at the market price of $10 per share. (b) Issuance of $1,800,000,7% bonds at face value. Complete the following table. (Round earnings per share to 2 decimal places, e.g. 0.25.) Income before interest and taxes Interest expense from bonds Income before income taxes Income tax expense (30%) Issue Stock $670,000 Issue Bond $670,000 Net income Outstanding shares Earnings per share $ Indicate which alternative is preferable. 490,000 Net income is if stock is used. However, earnings per share is than earnings per share if bonds are used because of the additional shares of stock that are outstanding