Walker Machine Tools has 5.5 million shares of common stock outstanding. The current market price of Walker common stock is $52 per share rights-on. The company's net income this year is $17.5 million. A rights offering has been announced in which 550,000 new shares will be sold at $46.50 per share. The subscription price plus five rights is needed to buy one of the new shares. a. What are the earnings per share and price-earnings ratio before the new shares are sold via the rights offering? Note: Do not round intermediate calculations and round your answers to 2 decimal places. b. What would the earnings per share be immediately after the rights offering? What would the price-earnings ratio be immediotely after the rights offering? (Assume there is no change in the market value of the stock, except for the change when the stock begins trading ex-rights.) Note: Do not round intermediate calculations and round your answers to 2 decimal places