Interest versus dividend expense Michaels Corporation expects earnings before interest and taxes to be $47,000 for the current period. Assuming a fat ordinary tax rate of 28% compute the firm's camings after taxes and eamings available for common stockholders (earnings atter taxes and preferred stock dividends, if any) under the following conditions: a. The firm pays $11,900 in interest b. The firm pays $11.900 in preferred stock dividends. . Complete the fragment of Michaels Corporations income statement below to compute the firm's earnings after taxes and earings available for common stockholders under condition () (Round to the nearest dollar) EBIT Less: Interest expense Earnings before taxes Loss Taxes (289) Earnings after taxes Less Preferred dividends Earnings available for common stockholders $ $