Interest versus dividend expense Michaels Corporation expects earnings before interest and taxes to be $$52,000$ for the current period. Assuming a flat ordinary tax rate of $23\%,$ compute the firm's earnings after taxes and earnings available for common stockholders $($earnings after taxes and preferred stock dividends, if any$)$ under the following conditions:

a$.$ The firm pays $$12,700$ in interest.

b$.$ The firm pays $$12,700$ in preferred stock dividends.