MetroHealth Hospital reported the following financial data for the year:

MetroHealth Hospital reported total revenue of £2,000,000, operating expenses of £1,200,000, interest expense of £70,000, and net income of £300,000.

Requirements:

1. Calculate the interest coverage ratio for MetroHealth Hospital.
2. Prepare a detailed income statement for the year ended 31 December 2021.
3. Discuss how MetroHealth Hospital can manage its interest expenses more effectively.