Compare the photoelectric effect on the basis of photon theory and wave theory

Compare the photoelectric effect on the basis of photon theory and wave theory of light and hence explain why the wave theory failed to explain it. [CBSE SQP 2016]

According to wave theory, when a wave front strikes a metal surface, the free electrons at the surface absorb the radiant energy continuously. Also, greater is the intensity, greater are the amplitudes and energies of the wave. Hence, higher intensity wave should liberate photo electrons with greater kinetic energies.
A light wave of sufficient intensity should be able to eject electrons, whatever may be the frequency and each electron intercepts an insignificantly some amount of energy and therefore should require a finite time to escape from the metal surface.
Where as, according to photoelectric effect, maximum kinetic energy of emitted photo electrons is independent of the intensity of incident radiation, High energy (higher frequency) radiations of very low intensity can emit photo electrons, whereas higher intensity but low energy (below threshold energy) can’t Wave theory fails to explain the existence of threshold energy. Also, emission of photo electrons is instantaneous process (with in ${{10}^{-9}}$ sec.).