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Jordan Broadcasting Company is going public at $48 net per shareto the company. There also are founding stockholders that areselling part of their shares at the same price. Prior to theoffering, the firm had $30 million in earnings divided over 10million shares. The public offering will be for 6 million shares; 3million will be new corporate shares and 3 million will be sharescurrently owned by the founding stockholders.a. What is the immediate dilution based on thenew corporate shares that are being offered? (Do not roundintermediate calculations and round your answer to 2 decimalplaces.) b. If the stock has a P/E of 26 immediatelyafter the offering, what will the stock price be? (Do notround intermediate calculations and round your answer to 2 decimalplaces.) c. Should the founding stockholders be pleasedwith the $48 they received for their shares? YesNo