Enu1Companfsyearendbabncesheemibow. At December 31 Current Year 1 Year Ago 2 Years Ago Assets Cash $ 31,866 $ 35,625 $ 37,866 Accounts receivable, net 89,566 62,566 56,266 Merchandise inventory 112,566 82,566 54,666 Prepaid expenses 16,766 9,375 5,666 Plant assets, net 278,566 255,666 236,566 Total assets $ 523,666 $ 445,666 $ 377,566 Liabilities and Equity Accounts payable $ 129,966 $ 75,256 $ 51,256 Long-term notes payable 98,566 161,566 83,566 Common stock, $16 par value 163,566 163,566 163,566 Retained earnings 131,166 164,756 79,256 Total liabilities and equity $ 523,666 $ 445,666 $ 377,566 The companys income statements for the current year and one year ago, follow. For Year Ended December 31 Sales Cost of goods sold Other operating expenses Interest expense Income tax expense Total costs and expenses Net income Earnings per share Current Year 5 411,225 269,556 12,166 9,525 $ 673,566 $ 642,466 5 31,166 5 1.96 1 Year Ago $ 532,666 345,566 134,986 13,366 8,845 562,625 $ 29,375 $ 1.86 Compute times interest earned for the current year and one year ago. Times Interest Earned Numerator: Denominator: Times Interest Earned Income before interest expense and income tax expense Interest expense = Times interest earned Current Year: $ 620,775 S 12, 100 = 51.3 times 1 Year Ago: S 13,300 times