Problem 2-22 (Static) Prepare an income statement, balance sheet, and statement of changes in stockholders' equity; analyze results LO 2-2, 2-3, 2-4 The following information was obtained from the records of Shae Incorporated: 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 Shae 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)? \begin{tabular}{|l|r|r|} \hline \multicolumn{2}{|c|}{ SHAE INCORPORATED } \\ \hline \multicolumn{1}{|c|}{ Statement of Changes in Stockholders' Equity } \\ \hline \multicolumn{1}{|c|}{ For the Year Ended December 31, 2022 } \\ \hline Paid-in capital & & $70,000 \\ \hline Common stock & & \\ \hline Retained earnings & $43,000 & \\ \hline Beginning balance & 52,000 & \\ \hline Net income & 13,000 & \\ \hline Less: Dividends declared and paid & & \\ \hline Ending balance & & $2,000 \\ \hline Total stockholders' equity & & 152,000 \\ \hline \hline \end{tabular} SHAE INCORPORATED Balance Sheet December 31, 2022