The Verbrugge Publishing Company's 2010 balance sheet and income statement are as follows (in millions of dollars): <image 1> Verbrugge and its creditors have agreed upon a voluntary reorganization plan. In this plan, each share of the $6 preferred will be exchanged for one share of $2.40 preferred with a par value of $37.50 plus one 8% subordinated income debenture with a par value of $75. The $10.50 preferred issue will be retired with cash. What is the income available to common shareholders in the proposed recapitalization?
['$4 million', '$5 million', '$6 million', '$7 million']