The following financial information was obtained from the year ended $2024$ income statements for Mason Automotive and Lowell Automotive:

$($Click the icon to view the financial information.$)$

Requirements

Compute the times$-$interest$-$earned ratio for each company. Round to two decimals.

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.

Data table

$\backslash$table$[[,,$lason,Lowell$],[$Net income,$$,59,000$$$,64,750],[$Income tax expense,,$16,790,23,730],[$Interest expense,,$550,2,800]]$

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