It is January 1st and the Starfish Corporation wants to renew its $12,000,000 short-term bank loan with the Utah Commerce Bank (UCB) for this coming year. Last year, Starfish reported sales of $50,000,000. Its total assets equaled $40,000,000 on average during the year. Its short-term liabilities consisted of an average of $10,000,000 in Account Payable, In addition to the $12,000,000 in short-term bank debt, for which it pays an interest rate of 6.5% per year to UCB. It has no other liabilities. Its net profit margin was 3% and its tax rate is 40%. The bank covenant negotiated with UCB stipulates that the loan will not be renewed unless the company maintains a Times -Interest-Earned (TIE) ratio of at least 5.0. 1. What was Starfish's interest expense last year? 2. What was the Starfish's Operating Income or Earnings Before Interest and Tax (EBIT) last year? 3. What was Starfish's TIE ratio last year? 4. Will the bank renew its $12,000,000 short-term loan this coming year? (Note: For each question, please show detailed explanations as to how you proceed to your answer along with detailed calculations)