The board of directors of Cullumber Corporation is considering two plans for financing the purchase of

new plant equipment. Plan #$1$ would require the issuance of $$5,870,000,8\%,20-$year bonds at face

value. Plan #$2$ would require the issuance of $200,000$ shares of $$5$ par value common stock that is selling

for $$25$ per share on the open market. Cullumber Corporation currently has $160,000$ shares of common

stock outstanding and the income tax rate is expected to be $30\%.$ Assume that income before interest

and income taxes is expected to be $$670,000$ if the new factory equipment is purchased.

Prepare a schedule that shows the expected net income after taxes and the earnings per share on

common stock under each of the plans that the board of directors is considering. $($If answer is zero please

enter $0,$ do not leave any fields blank. Round earnings per share to $2$ decimal places, e$.$g$.5\mathrm{.}25.)$