Homework: Chapter 2 Homework Save Score: 0 of 1 pt 5 of 6 (2 complete) HY Score: 12.5%, 0.75 of 6 pts P2-5 (similar to) E Question Help Interest versus dividend expense Michaels Corporation expects earnings before interest and taxes to be $53,000 for this period. Assuming an ordinary tax rate of 40%, compute the firm's earnings after taxes and earnings avalable for com mon stockholders earnings after taxes and preferred stock d n ends if any under the following conditions: a. The firm pays $11,400 in interest b. The firm pays $11,400 in preferred stock dividends a. Complete the fragment of Michaels Corporation's income statement below to compute the firm's eanings after taxes and earnings available for common stockholders under condition (a). (Round to the nearest dollar.) EBIT Less: Interest expense Earnings before taxes Less: Taxes (40%) Earnings after taxes Less: Preferred dividends Earnings available for common stockholdersS