Balance sheet and income statement data indicate the following: Bonds payable, 12% (due in 15 years) $1,247,416 Income before income tax for year 401,495 Income tax for year 120,449 Interest payable 33,000 Interest receivable 19,000 Interest expense 149,690 Based on the data presented above, what is the times interest earned ratio? (Round to two decimal places.) a.0.88 b.3.68 c.1.88 d.2.68

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