Balance sheet and income statement data indicate the following: Bonds payable, 12% (due in 15 years) $888,581 Preferred 8% stock, $100 par (no change during the year) $200,000 Common stock, $50 par (no change during the year) $1,000,000 Income before income tax for year $304,594 Income tax for year $91,378 Common dividends paid $60,000 Preferred dividends paid $ 16,000 Based on the data presented above, what is the times interest earned ratio (round to two decimal places)? a. 3.86 Ob. 2.00 Oc. 2.86 Od. 1.00