ABC Food Specialties Inc. reported the Statement of Changes in Shareholders' Equity shown for the year ended June 30, 20X4. The company was founded in 20X1 and issued 452 million common shares. There had been no further share transactions until 20X4 ABC Food Specialties Inc. Statement of Changes in Shareholders' Equity For the Year Ended June 30, 20X4 Common Retained (shares and dollars in millions) Shares Earnings Total Balance, June 30, 20X3 $ 452 shares outstanding... 2,274 $ 1,707 $ 3,981 534 534 Net income ... Cash dividends.... (113) (113) 60 60 Issuance of shares (5 shares) .. 187 Stock dividend (37 shares) ..... Issuance of shares (2 shares) (187) 24 24 $ 2,545 $ 1,941 $ 4,486 Balance, June 30, 20X4 Answer these questions about ABC Food Specialties' shareholders' equity transactions: 1. If the company'sincome tax rate is 36 percent, how much income before income tax did ABC Food Specialties report on the income statement? 2. What is the stated value of a common share at June 30, 20X3? 3. 4. At what price per share did ABC Food Specialties issue its common shares during the year? ABC Food Specialties' statement of changes in shareholders 'equity lists the share transactions in the order in which they occurred. What was the percentage of the stock dividend? Requirement 1. If the company's income tax rate is 36 percent, how much income before income tax did Ashburn Food Specialties report on the income statement? Enter the amounts into the following table, and then calculate the income before income tax. Be sure to enter the income tax rate as a percentage. (Enter amounts in millions as provided in the problem statement. Round your answer to the nearest whole number.) Net income (1 Income tax rate ) = Income before income tax + (1 - % ) = Requirement 2. What is the stated value of a common share as of June 30, 20X3? Enter the amounts into the following table, and then calculate the stated value per common share. (Enter amounts in millions as provided in the problem statement. Round your answer to the nearest cent.) Common shares balance, June 30, 20X3 Number of common shares outstanding, June 30, 20X3 Stated value per = common share Requirement 3. At what price per share did Ashburn Food Specialties issue its common shares during the year? Enter the amounts into the following table, and then calculate the issue price per common share. (Enter amounts in millions as provided in the problem statement. Round your answer to the nearest whole dollar.) Total proceeds from common shares Total number of common shares issued = Issue price per common share Requirement 4. Ashburn Food Specialties's Statement of Changes in Shareholders' Equity lists the share transactions in the order in which they occurred. What was the percentage of the stock dividend? Enter the amounts into the following table, and then calculate the stock dividend percentage. (Enter amounts in millions as provided in the problem statement. Round the percentage to the nearest hundredth percent, X.XX%.) Increase in common shares Number of common shares before stock dividend Stock dividend = percentage %