Condensed financial data of Gorni Company appear below: 2016 GORNI COMPANY Comparative Balance Sheet December 31 2017 Assets Cash $70,000 Accounts receivable 82,000 Inventories 120,000 Prepaid expenses 19,000 Investments 80,000 Plant assets 310,000 Accumulated depreciation (65,000) Total $616,000 Liabilities and Stockholder's Equity Accounts payable $85,000 Accrued expenses payable 22,000 Bonds payable 130,000 Common stock 245,000 Retained earnings 134,000 Total $616,000 $35,000 53,000 132,000 25,000 65,000 250,000 (60,000) $500,000 $75,000 24,000 150,000 170,000 81,000 $500,000 $480,000 GORNI COMPANY Income Statement For the Year Ended December 31, 2017 Sales Less: Cost of goods sold $290,000 Operating expenses (exculding depreciation) 60,000 Depreciation expense 17,000 Income taxes 15,000 Interest expense 13,000 Loss on disposal of plant assets 8,000 Net income 403,000 $77,000 Additional information: 1. New plant assets costing $85,000 were purchased for cash in 2017. 2. Old plant assets costing $25,000 were sold for $5,000 cash when book value was $13,000. 3. Bonds with a face value of $20,000 were converted into $20,000 of common stock. 4. A cash dividend of $24,000 was declared and paid during the year. 5. Accounts payable pertain to merchandise purchases. GORNI COMPANY Statement of Cash Flows For the Year Ended December 31, 2017 Cash Flows from Operating Activities A Cash Receipts from Customers $ 451000 Cash Payments To Suppliers 268000 For Operating Expenses 56000 15000 For Income Taxes For Interest 13000 352000 Net Cash Provided by Operating Activities 99000 Cash Flows from Investing Activities Purchase of Investments - 15000 Purchase of Plant Assets -85000 Sale of Plant Assets 5000 Net Cash Used by Investing Activities -95000 Cash Flows from Financing Activities Issuance of Common Stock 55000 Payment of Cash Dividends -24000 Net Cash Provided by Financing Activities 31000 Net Increase in Cash 35000 Cash at Beginning of Period 35000 Cash at End of Period 70000 Noncash Investing and Financing activities Conversion of Bonds Payable into Common Stock 20000 Compute the following cash based ratios. (Round answers to 2 decimal places, e.g. 15.25.) Current cash debt coverage times Cash debt coverage times