The information on the following page was obtained from the records of Breanna Incorporated:

References

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 $($i$.$e$.,$ what proportion of the company's earnings is used for dividends$)?$