The following information was obtained from the records of Shae Inc.: Merchandise inventory Notes payable (long-term) Net sales Buildings and equipment Selling, general, and administrative expenses Accounts receivable Common stock (20,eee shares) Income tax expense Cash Retained earnings, 1/1/19 Accrued liabilities Cost of goods sold Accumulated depreciation Interest expense Accounts payable Dividends declared and paid during 2019 $ 99,000 110,000 330,000 198, 600 33,000 49,500 140,000 24,090 165,516 86, 100 6,600 198,800 89, 100 18,700 33,000 8,994 Except as otherwise indicated, assume that all balance sheet items reflect account balances at December 31, 2019, and that all income statement items reflect activities that occurred during the year ended December 31, 2019. 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, 2019, and a balance sheet at December 31, 2019, for Shae Inc. 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? c. What interest rate is charged on long-term debt? Assume that the year-end balance of long-term debt is representative of the average long-term debt account balance throughout the year. d. What is the par value per share of common stock? e. What is the company's dividend policy (.e., what proportion of the company's earnings is used for dividends)? Complete this question by entering your answers in the tabs below. Reg A1 Req A2 Req A3 Reg B to E Prepare an income statement for the year ended December 31, 2019, for Shae Inc. (Enter decreases with a minus sign to indicate a negative financial statement effect.) SHAE INC. Income Statement For the Year Ended December 31, 2019 Reg A1 Req A2 > Prepare a statement of changes in stockholders' equity for the year ended December 31, 2019, for Shae Inc. (Enter decreases with a minus sign to indicate a negative financial statement effect.) SHAE INC. Statement of Changes in Stockholders' Equity For the Year Ended December 31, 2019 Paid-in capital Retained earnings Beginning balance Ending balance Total stockholders' equity Req A1 Reg A2 Req A3 Req B to E Prepare a balance sheet at December 31, 2019, for Shae Inc. (Enter decreases with a minus sign to indicate a negative financial statement effect.) SHAE INC. Balance Sheet December 31, 2019 Assets Total current assets Total assets Liabilities Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity Complete this question by entering your answers in the tabs below. Req A1 Req A2 Req A3 Req B to E b. What is the company's average income tax rate? (Round your final answer to the nearest whole percentage.) c. What interest rate is charged on long-term debt? Assume that the year-end balance of long-term debt is representative of the average long-term debt account balance throughout the year. (Round your final answer to the nearest whole percentage.) d. What is the par value per share of common stock? (Round your final answer to the nearest whole Dollars.) e. What is the company's dividend policy (i.e., what proportion of the company's earnings is used for dividends)? (Round your final answer to the nearest whole percentage.) Show less % b. Average income tax rate C. Interest rate % d. Par value per share Dividend e. %