24. Calculating the Times Interest Earned Ratio For the most recent year, ICU Windows, Inc., had sales of $380,000, cost of goods sold of $110,000, depreci- ation expense of $32,000, and additions to retained earnings of $41,620. The firm currently has 30,000 shares of common stock outstanding, and the previous year's dividends per share were $1.50. Assuming a 34 percent income tax rate, what was the times interest earned ratio