Walker Machine Tools has $6\mathrm{.}7$ million shares of common stock outstanding. The current market price of Walker common stock is $$76$

per share rights$-$on$.$ The company's net income this year is $$23\mathrm{.}50$ million. A rights offering has been announced in which $670,000$

new shares will be sold at $$70\mathrm{.}50$ per share. The subscription price plus nine 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 immediately

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.