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 $21\%,$ 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 $$11,700$ in interest.

b$.$ The firm pays $$11,700$ in preferred stock dividends. to the nearest dollar.$)$

EBIT

Less: Interest expense

Earnings before taxes

Less: Taxes $(21\%)$

Earnings after taxes

$

Less: Preferred dividends

Earnings available for common stockholders

$