Problem $2-21($Static$)$ Prepare an income statement, balance sheet, and statement of changes in stockholders' equity; analyze results LO $2-2,2-3,2-4$

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

$\backslash$table$[[$Accounts receivable,$$40,000$Problem $2-21($Static$)$ Prepare an income statement, balance sheet, and statement of changes in stockholders' equity; analyze results LO $2-2,2-3,2-4$

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

$\backslash$table$[[$Accounts receivable,$$40,000$

Problem $2-21($Static$)$ Prepare an income statement, balance sheet, and statement of changes in stockholders' equity; analyze results LO $2-2,2-3,2-4$

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

$\backslash$table$[[$Accounts receivable,$40,000],[$Accumulated depreciation,$104,000],[$Cost of goods sold,$280,000],[$Income tax expense,$15,000],[$Cash$,130,000],[$Net sales,$420,000],[$Equipment$,240,000],[$Selling$,$ general, and administrative expenses,$59,000],[$Common stock $(36,000$ shares$),180,000],[$Accounts payable,$30,000],[$Retained earnings, $1/1/22,34,000],[$Interest expense,$6,000],[$Merchandise inventory,$54,000],[$Long$-$term debt,$80,000],[$Dividends declared and paid during $2022,24,000]]$

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$)?$

Complete this question by entering your answers in the tabs below.

Req $A2$

Req A$3$

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.

$\backslash$table$[[$BREANNA INCORPORATED,$],[$Income Statement,$],[,$For the Year Ended December $31,2022],[,],[,],[,],[,],[,],[,]]$