Ratio af Liabilities to Stackholders' Equity and Number of Times Interest Earned The following data were taken from the financial statements of Hunter Inc. for December 31 of two recent years! Current Year Previous Year Accounts payable $408.000 $200,000 Ourrent maturities of serial bonds payable 360,000 150,000 Serial bonds payable, 10% 1,540,000 2,000,000 Common stock, $1 par value 60.000 70,000 Paid-in cepila in excess of pat 560.000 670,000 Retained carning 2,290,000 1,220,000 The income before income tax was $580,000 and $507,500 for the current and previous years, respectively. a. Determine the ratio of liabilities to stockholders' equity at the end of each year. Round to one decimal plece Current year Previous year b. Determine the times interest earned ratio for both years. Round to one decimal place. Current year Previous year c. The ratio of liabilities to stockholders' equity has improved and the number of times bond interest charges were earned has improved from the previous year. These results are the combined result of a larger income before income taxes and lower interest expense in the current year compared to the previous year