2 The following information was obtained from the records of Shae Inc. 5: Merchandise inventory Het sales 88,000 Motas payable (long-ter 100,000 300,000 Buildings and equipment 168.000 Helling, general, and administrative expenses 24,000 Accounts receivable 40,000 Common stock 14,000 shares) 70,000 Income tax expanse 28.000 Cash 64,000 Retained earnings, 1/1/19 43,000 Acersed liabilities 6,000 Cort of goods sold Interest expens 1001000 Accumulated depreciation Accounts payable Dividends declared and paid during 2019 72,000 16,000 30,000 13,000 Except as otherwise indicated, assume that all balance sheet items reflect account balances at December 31, 2019, and that all income statement items reflect activities that occurred during the year ended December 31, 2019. There were no changes in paid-in capital during the year Required: a. Prepare an income statement and statement of changes in stockholders' equity for the year ended December 31, 2019, and a balance sheet at December 31, 2019, for Shae Inc. Based on the financial statements that you have prepared for part a, answer the Questions in parts b-e b. What is the company's average income tax rate? c. What interest rate is charged on long-term debt? Assume that the year-end balance of long-term debt is representative of the average long-term debt account balance throughout the year d. What is the par value per share of common stock? e. What is the company's dividend policy (e, what proportion of the company's earnings is used for dividends)?