ts gamings before interest and axes to be $42.000 for this period. Assuming an ordinary tax rate of 34%, comp te the is earnings after taxes and ea gsa a able for commons holders Interest versus dividend expense li ha s Corporation ex the following conditions a. The firm pays $12 200 in interest b. The firm pays $12,200 in preferred stock dividends a. Complsts the fragment of Michaels Corporation's income statement belov to compute the firm's earnings after taxes and sarnings available for common stockholders under condition (a). Round to the nearest dollar.) EBIT Less: Interest expense Earnings before taxes Less Taxes (34%) Earnings after taxes Less: Preferred dividends Earnings available for common stockholders S b. Complete the fragment of Michaels Corporation's income statement below to compute the firm's eamings after taxes and earnings available for common stockholders under condition (b). (Round to the nearest dollar.) EBIT Less: Interest expense Eamings before taxes Less: Taxes (34%) Earnings after taxes Less. Preferred dividends