Compute TIMES INTEREST EARNED RATIO

The condensed balance sheet and income statement for Marjoram Company are presented below. MORAM COMPANY Balance Sheet At December 31, 2021 Cash Notes recevable (due August 15, 2022) Accounts receivable (net) Inventory Property, plant, and equipment (net) Intangible assets Total assets Current liabilities Bonds payable (113) (long-tera) Common stock Retained earnings Total abilities and equity $ 19,000 35,000 48,400 70,660 250,000 12.400 5435,400 $100,400 100,000 70,000 157.000 5435,400 MARTORI COPA Income Statement for the Year ended December 31, 2021 Sales Cost of goods sold Gross profit operating expenses Operating Income Interest Expense Income before income tax Income tax expense Net Income $704,000 422.400 $201,600 166,200 $215,400 11 000 $104,400 31.320 $ 73,000 Required: Compute the times interesteamed ratio for Marjorami Company (Round your answer to 2 decimal places.)