Balance sheet and income statement data indicate the following: Bonds payable, 7% (due in 15 years) $1,436,846 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 $329,780 Income tax for year $98,934 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. 2.30 b. 3.28 c. 4.28 d. 1.30