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QUESTION 1 10 points Save Answer You are a shareholder in a corporation. The firm earned $2 per share before taxes. Once it has paid taxes, it will distribute the remaining earnings to shareholders. If the corporate tax rate is 28% and your personal tax rate is 24%, what is your effective tax rate? 54.7% 17.3% 24.0% O 45.3% QUESTION 2 10 points Save Answer Suppose a firm used $20 million in cash to repay $20 million of its long-term debt. What impact will you see on the firm's financial statements? Assets will decrease, liabilities will decrease, statement of cash flows will have a negative entry Assets will decrease, liabilities will increase, statement of cash flows will have a negative entry Assets will decrease, liabilities will decrease, statement of cash flows will have a positive entry Assets will decrease, liabilities will increase, statement of cash flows will have a positive entry