Question: Balance sheet and income statement data indicate the following: Amount Bonds payable, 6% (this is Year 4 of 20 years) $1,600,000 Income before income tax

Balance sheet and income statement data indicate the following:

Amount Bonds payable, 6% (this is Year 4 of 20 years) $1,600,000

Income before income tax for year 340,000

Income tax for year 80,000 Interest payable 9,000

Interest receivable 26,000

Assuming bond interest is the only interest expense and there is no bond premium or discount, what is the times interest earned ratio? (Round to two decimal places.)

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