We examine the performance of an Integrated Access and Backhaul (IAB) node as a range extender for beyond-5G networks, focusing on the significant challenges of effective power allocation and beamforming strategies, which are vital for maximizing users' spectral efficiency (SE). We present both max-sum SE and max-min fairness power allocation strategies, to assess their effects on system performance. The results underscore the necessity of power optimization, particularly as the number of users served by the IAB node increases, demonstrating how efficient power allocation enhances service quality in high-load scenarios. The results also show that the typical line-of-sight link between the IAB donor and the IAB node has rank one, posing a limitation on the effective SEs that the IAB node can support.