Balance sheet and income statement data indicate the following: Bonds payable, 12% (due in 15 years) Preferred 8% stock, $100 par (no change during the year) Common stock, $50 par $1,044,856 200,000 (no change during the year) 1,000,000 Income before income tax for year 444,878 Income tax for year 133,4631 Common dividends paid 60,000 Preferred dividends paid 16,000 Based on the data presented, what is the times interest earned ratio (round to two decimal places)? a. 2.48 b. 4.55 c. 3.55 d. 1.48