The following financial information was obtained from the year ended 2018 income statements for Luigi Automotive and Peterson Automotive: (Click the icon to view the financial information.) Requirements 1. Compute the times-interest-earned ratio for each company. Round to two decimals. 2. Which company was better able to cover its interest expense? Requirement 1. Compute the times-interest-earned ratio for each company. Round to two decimals. Begin by showing the formula for the times-interest-earned ratio. Times-interest-earned ratio Peterson Net income $ 51,330 $ 16,370 Income tax expense Interest expense 84,840 27,800 3,200 500 (Net income + Income tax expense + Interest expense) / Income tax expense (Net income + Income tax expense + Interest expense) / Interest expense (Net income + Income tax expense + Interest expense) / Net income (Net income - Income tax expense - Interest expense) / Income tax expense (Net income - Income tax expense - Interest expense) / Interest expense (Net income - Income tax expense - Interest expense) / Net income