The following information was obtained from the records of Shae Incorporated:

$\backslash$table$[[$Merchandise inventory,$],[$Notes payable $($long$-$term$),162,000],[$Net sales,$180,000],[$Buildings and equipment,$540,000],[$Selling$,$ general, and administrative expenses,$324,000],[$Accounts receivable,$54,000],[$Common stock shares$),81,000],[$Income tax expense,$270,060],[$Cash$,32,400],[$Retained earnings, $1/1/22,313,326],[$Accrued liabilities,$166,050],[$Cost of goods sold,$10,800],[$Accumulated depreciation,$324,000],[$Interest expense,$145,800],[$Accounts payable,$54,000],[$Dividends declared and paid during $2022,54,000]]$

Except as otherwise indicated, assume that all balance sheet items, reflect account balances at December $31,2022,$ and that all income statement items reflect activities that occurred during the year ended December $31,2022.$ There were no changes in paid$-$in capital during the year.

Required:

a$.$ Prepare an income statement and statement of changes in stockholders' equity for the year ended December $31,2022,$ and a balance sheet at December $31,2022,$ for Shae Incorporated. Based on the financial statements that you have prepared for part $a,$ answer the questions in parts b$-$e$.$

b$.$ What is the company's average income tax rate?