The information on the following page was obtained from the records of Breanna Incorporated Accounts receivable Accumulated depreciation $10,300 50,500 Cost of goods sold 121,000 Income tax expense 9,000 Cash 60,500 Net sales 193,000 Equipment 127,000 Selling, general, and administrative expenses 34,000 Common stock (8,300 shares) 96,000 Accounts payable 12,400 Retained earnings, 1/1/22 27,400 Interest expense 6,000 Merchandise inventory 38,000 Long-term debt 38,000 11,500 Dividends declared and paid during 2022 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 Breanna 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? 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)? Req A1 Req A2 Req A3 Req B to E Prepare an income statement for the year ended December 31, 2022, for Breanna Incorporated. Note: Enter decreases with a minus sign to indicate a negative financial statement effect. BREANNA INCORPORATED Income Statement For the Year Ended December 31, 2022 Req A1 Req A2 Req A3 Req B to E Prepare a statement of changes in stockholders' equity for the year ended December 31, 2022, for Breanna Incorporated. Note: Enter decreases with a minus sign to indicate a negative financial statement effect. Paid-in capital Retained earnings Beginning balance BREANNA INCORPORATED Statement of Changes in Stockholders' Equity For the Year Ended December 31, 2022 Ending balance Total stockholders' equity Total current assets BREANNA INCORPORATED Balance Sheet December 31, 2022 Assets Total assets Liabilities Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity Req A1 Req A2 Req A3 Req B to E b. What is the company's average income tax rate? Note: 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. Note: Round your final answer to the nearest whole percentage. d. What is the par value per share of common stock? Note: 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)? Note: Round your final answer to the nearest whole percentage. b. Average income tax rate c. Interest rate d. Par value per share e. Dividend % % Show less A %