.cengagenow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker=&take AssignmentSessionLocator=&inpro... Ratio of Liabilities to Stockholders' Equity and Times Interest Earned The following data were taken from the financial statements of Hunter Inc. for December 31 of two recent years: Current Year Prior Year Accounts payable $480,000 $176,000 Current maturities of serial bonds payable 350,000 350,000 Serial bonds payable, 10% 1,500,000 1,850,000 Common stock, $1 par value 90,000 120,000 Paid-in capital in excess of par 1,030,000 1,030,000 Retained earnings 3,540,000 2,810,000 The income before income tax expense was $758,500 and $663,700 for the current and prior years, respectively. a. Determine the ratio of liabilities to stockholders' equity at the end of each year. Round to one decimal place. Current year Prior year b. Determine the times interest earned ratio for both years. Round to one decimal place. Current year Prior year c. The ratio of liabilities to stockholders' equity have improved and the times interest earned ratio has improved from the previous year: and lower interest expense in the current year compared t