The information on the following page was obtained from the records of Breanna Inc.: Accounts receivable Accumulated depreciation $ 40,000 208,000 Cost of goods sold 512,000 Income tax expense 32,000 Cash 260,000 Net sales 800,000 Equipment 480,000 Selling, general, and administrative expenses 136,000 Common stock (36,000 shares) 360,000 Accounts payable 60,000 Retained earnings, 1/1/19 92,000 Interest expense 24,000 Merchandise inventory 148,000 Long-term debt 160,000 Dividends declared and paid during 2019 48,000 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 (l.e., what proportion of the company's earnings is used for dividends)? Req A1 Req A2 Req A3 Req B to E Prepare an income statement for the year ended December 31, 2019, for Breanna Inc. (Enter decreases with a minus indicate a negative financial statement effect.) BREANNA INC. Income Statement For the Year Ended December 31, 2019 < Req A1 0 0 0 $ 0 Req A2 > Req A1 Req A2 Req A3 Req B to E Prepare a statement of changes in stockholders' equity for the year ended December 31, 2019, for Breanna Inc. (Ente decreases with a minus sign to indicate a negative financial statement effect.) BREANNA 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 Req A3 > 0 Prepare a balance sheet at December 31, 2019, for Breanna Inc. (Enter decreases with a minus sign to indicate a neg financial statement effect.) Total current assets Total assets Total liabilities Total stockholders' equity BREANNA INC. Balance Sheet December 31, 2019 Assets 0 0 Liabilities 0 Stockholders' Equity Total liabilities and stockholders' equity < Req A2 Req B to E > 0 $ 0 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? c. What interest rate is charged on long-term debt? Assume that the year-end balance of long-term debt is representa 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 (i.e., what proportion of the company's earnings is used for dividends)? b. Average income tax rate c. Interest rate d. Par value per share e. Dividend % % % < Req A3 Req B to E > Show