The information on the following page was obtained from the records of Breanna Incorporated Accounts receivable $ 10,900 Accumulated depreciation 50,600 Cost of goods sold 121,000 Income tax expense 9,500 Cash 60,500 Net sales 190,000 Equipment 121,000 Selling, general, and administrative expenses 37,000 Common stock (9,200 shares) 98,000 Accounts payable 11,200 Retained earnings, 1 1 22 25,050 Interest expense 5,200 Merchandise inventory 37,100 Long term debt 36,000 Dividends declared and paid during 2022 8,650 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 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 What is the company's average income tax rate 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 What is the par value per share of common stock What is the company's dividend policy (i e , what proportion of the company's earnings is used for dividends) Box Choices Accounts payable Accounts receivable Accumulated depreciation Allowance for bad debts APICPreferred Bad debts expense Bonds payable Buildings Capital lease liability Cash Commissions expense Commissions payable Common stock Cost of goods sold Current maturities of long term debt Deferred income taxes Deferred tax liabilities Depreciation expense Discount on bonds payable Discount on notes payable Dividends payable Earnings before taxes Employee contributions to pension plan Equipment Estimated health care expense Estimated liability for retiree health careCurrent Estimated liability for retiree health carenoncurrent Estimated warranty liability Federal unemployment taxes withheld FICA taxes withheld Gain on sale of equipment Goodwill Group hospitalization insurance Income tax expense Income taxes payable Income taxes withheld Insurance expense Interest expense Interest income Interest payable Interest receivable Interest revenue Inventory Keg deposits Keg deposits revenue Keg expense Kegs Land Loss of sale of equipment Loss on early retirement of bonds Loss on sale of machine Machine Medical insurance contributions Merchandise inventory Miscellaneous expense Net sales Note receivable Operating income Parts inventory Payroll tax expense Payroll taxes payable Preferred stock Premium on bonds payable Prepaid insurance Prepaid rent Real estate tax expense Real estate taxes payable Realized gain on sale of marketable securities Rent expense Rent payable Rent revenue Salaries expense Selling, general and administrative expenses Serial bonds payable Service revenue State unemployment taxes withheld Subscription revenue Supplies Supplies expense Ticket revenue Treasury stock Trucks Unearned rent revenue Unearned subscription revenue Unearned ticket revenue Union dues Utilities expense Wages expense Wages payable Warranty expense Withholding liabilities BREANNA INCORPORATED Income Statement For the Year Ended December 31, 2022 Gross loss Gross profit 0 Operating income Operating Loss 0 Earnings after taxes Earnings before taxes 0 Net income Net loss $0 BREANNA INCORPORATED Statement of Changes in Stockholders Equity For the Year Ended December 31, 2022 Paid in capital Retained earnings Beginning balance Net income Net loss Add Dividends declared and paid Less Dividends declared and paid Ending balance 0 Total stockholders equity $0 BREANNA INCORPORATED Balance Sheet December 31, 2022 Assets Total current assets 0 Add Accumulated depreciation Less Accumulated depreciation Total assets 0 Liabilities Total liabilities 0 Stockholders Equity Total stockholders equity 0 Total liabilities and stockholders equity $0 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

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The information on the following page was obtained from the records of Breanna Incorporated: Accounts receivable $ 10,900 Accumulated depreciation 50,600 Cost of goods sold

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

Accounts receivable	$ 10,900
Accumulated depreciation	50,600
Cost of goods sold	121,000
Income tax expense	9,500
Cash	60,500
Net sales	190,000
Equipment	121,000
Selling, general, and administrative expenses	37,000
Common stock (9,200 shares)	98,000
Accounts payable	11,200
Retained earnings, 1/1/22	25,050
Interest expense	5,200
Merchandise inventory	37,100
Long-term debt	36,000
Dividends declared and paid during 2022	8,650

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:

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 parta,answer the questions in partsb-e.
What is the company's average income tax rate?
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.
What is the par value per share of common stock?
What is the company's dividend policy (i.e., what proportion of the company's earnings is used for dividends)?

Box Choices:

Accounts payable
Accounts receivable
Accumulated depreciation
Allowance for bad debts
APICPreferred
Bad debts expense
Bonds payable
Buildings
Capital lease liability
Cash
Commissions expense
Commissions payable
Common stock
Cost of goods sold
Current maturities of long-term debt
Deferred income taxes
Deferred tax liabilities
Depreciation expense
Discount on bonds payable
Discount on notes payable
Dividends payable
Earnings before taxes
Employee contributions to pension plan
Equipment
Estimated health care expense
Estimated liability for retiree health careCurrent
Estimated liability for retiree health carenoncurrent
Estimated warranty liability
Federal unemployment taxes withheld
FICA taxes withheld
Gain on sale of equipment
Goodwill
Group hospitalization insurance
Income tax expense
Income taxes payable
Income taxes withheld
Insurance expense
Interest expense
Interest income
Interest payable
Interest receivable
Interest revenue
Inventory
Keg deposits
Keg deposits revenue
Keg expense
Kegs
Land
Loss of sale of equipment
Loss on early retirement of bonds
Loss on sale of machine
Machine
Medical insurance contributions
Merchandise inventory
Miscellaneous expense
Net sales
Note receivable
Operating income
Parts inventory
Payroll tax expense
Payroll taxes payable
Preferred stock
Premium on bonds payable
Prepaid insurance
Prepaid rent
Real estate tax expense
Real estate taxes payable
Realized gain on sale of marketable securities
Rent expense
Rent payable
Rent revenue.
Salaries expense
Selling, general and administrative expenses
Serial bonds payable
Service revenue
State unemployment taxes withheld.
Subscription revenue
Supplies
Supplies expense
Ticket revenue
Treasury stock
Trucks
Unearned rent revenue
Unearned subscription revenue
Unearned ticket revenue
Union dues
Utilities expense
Wages expense
Wages payable
Warranty expense
Withholding liabilities

BREANNA INCORPORATED
Income Statement
For the Year Ended December 31, 2022


Gross loss / Gross profit	0

Operating income / Operating Loss	0

Earnings after taxes / Earnings before taxes	0

Net income / Net loss	$0

BREANNA INCORPORATED
Statement of Changes in Stockholders Equity
For the Year Ended December 31, 2022
Paid-in capital

Retained earnings
Beginning balance
Net income / Net loss
Add: Dividends declared and paid / Less: Dividends declared and paid
Ending balance		0
Total stockholders equity		$0

BREANNA INCORPORATED
Balance Sheet
December 31, 2022
Assets





Total current assets		0

Add: Accumulated depreciation / Less: Accumulated depreciation
Total assets		0
Liabilities




Total liabilities		0
Stockholders Equity




Total stockholders equity		0
Total liabilities and stockholders equity		$0

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.