Paxton Company provided the following income statement for last year:

Sales................................................$ 87,021,000

Cost of goods sold................................(62,138,249)

Gross margin.......................................$ 24,882,751

Operating expenses...............................(19,371,601)

Operating income..................................$ 5,511,150

Interest expense.......................................(875,400)

Income before taxes..............................$ 4,635,750

Income taxes.......................................(1,854,300)

Net income.........................................$ 2,781,450

Required:

Calculate the times-interest-earned ratio.