Interest versus dividend expense Michaels Corporation expects earnings before interest and taxes to be $55,000 for the current period. Assuming a flat ordinary tax rate of 24%, compute the firm's earnings after taxes and earnings available for common stockholders (wings after 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. a. Complete the fragment of Michaels Corporation's income statement below to compute the firm's earnings after taxes and earnings available for common stockholders under condition (a) (Round to the nearest dollar.) EBIT Less: Interest expense Enter any number in the edit fields and then click Check Answer Check Answer part temiring 12:38 backspace P110 (Sunal 10) Interest versus dividend expense Michaels Corporation expects earnings before inter- 24%, compute the firm's earnings after taxes and earnings available for common stockho conditions: a. The firm pays $11,900 in interest. b. The firm pays $11,900 in preferred stock dividends. Earnings before taxes Less: Taxes (24%) Earnings after taxes Less: Preferred dividends Enter any number in the edit fields and then click Check Answer. part remaining Clear A LOS. e firm pays $11,900 in interest. me firm pays $11,900 in preferred stock dividends. Less: Taxes (24%) Earnings after taxes Less: Preferred dividends Earnings available for common stockholders ter any number in the edit fields and then click Check Answer part remaining