The information on the following page was obtained from the records of Breanna Inc.: Accounts receivable Accumulated depreciation Cost of goods sold Income tax expense Cash Net sales Equipment Selling, general, and administrative expenses Common stock (8,700 shares) Accounts payable Retained earnings, 1/1/19 Interest expense Merchandise inventory Long-term debt Dividends declared and paid during 2019 $ 10,000 50.900 126,000 9.500 61,500 192,000 123,000 38,000 91,000 12,800 32,650 5,600 37,300 38,000 6,450 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 (i.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 AZ 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 sign to indicate a negative financial statement effect.) BREANNA INC. Income Statement For the Year Ended December 31, 2019 0 Reg A1 R eq A2 > Complete this question by entering your answers in the tabs below. Req A1 Reg 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. (Enter 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 > BREANNA 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 ( Req A2 Req B to E > 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 A b. Average income tax rate c. Interest rate d. Par value per share e. Dividend - Reg A3 Reg A3 Roto E