The information on the following page was obtained from the records of Breanna Incorporated: Accounts receivable Accumulated depreciation $ 10,300 51,000 Cost of goods sold Income tax expense Cash 121,000 10,000 62,000 Net sales 209,000 Equipment 122,000 Selling, general, and administrative expenses 39,000 Common stock (8,600 shares) 95,000 Accounts payable 10,600 Retained earnings, 1/1/22 20,500 Interest expense 6,000 Merchandise inventory 38,300 Long-term debt Dividends declared and paid during 2022 39,000 16,500 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)? Answer is not complete. Complete this question by entering your answers in the tabs below. 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 Net sales Cost of goods sold Income Statement For the Year Ended December 31, 2022 $ 209,000 Gross profit Selling, general and administrative expenses Operating income Interest expense Earning before taxes Income tax expense Net income < Req A1 (121,000) 88,000 (39,000) 49,000 (6,000) 43,000 (10,000) $ 33,000 Req A2 >