• mflash in the pan cooking school is considering the issuance of additional long term debt to finance expansion. At the present time the company has $400 million of 10% debentures outstanding. Its after-tax net income is $60 million, and the companys (marginal) income tax rate is 40%. The company is required by the debenture holders to maintain its coverage ratio at 4 or greater. Determine flashs percent coverage ratio.