The information on the following page was obtained from the records of Breanna Inc.: Accounts receivable Accumulated depreciation $ 10,600 Cost of goods sold Income tax expense 50,400 122,000 8,000 Cash 64,000 Net sales 208,000 Equipment 121,000 Selling, general, and administrative expenses 34,000 Common stock (9,000 shares) 92,000 Accounts payable 10,300 Retained earnings, 1/1/19 21,950 Interest expense 5,300 Merchandise inventory 37,400 Long-term debt 39,000 Dividends declared and paid during 2019 19,350 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 Breanna 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 (ie., what proportion of the company's earnings is used for dividends)? Complete this question by entering your answers in the tabs below. Req A1 Req A2 Req A3 Req B to E 58.37 ok Prepare an income statement for the year ended December 31, 2019, for Breanna Inc. (Enter decreases with a minus sign to indicate a negative financial statement effect.) BREANNA INC. Income Statement For the Year Ended December 31, 2019 Req A1 Req A2 > Prepare a statement of changes in stockholders' equity for the year ended December 31, 2019, for decreases with a minus sign to indicate a negative financial statement effect.) Paid-in capital Retained earnings Beginning balance BREANNA INC. Statement of Changes in Stockholders' Equity For the Year Ended December 31, 2019 Ending balance Total stockholders' equity < Req A1 Req A3 > Total current assets Total assets Total liabilities Total stockholders' equity Assets Liabilities BREANNA INC. Balance Sheet December 31, 2019 Stockholders' Equity Total liabilities and stockholders' equity < Req A2 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 d 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 A b. Average income tax rate c Interest rate d. Par value per share o. Dividend % % %