The following financial information was obtained from the year ended 2024 income statements for Luigi Automotive and Lowell 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 Data table Luigi Lowell Net income Income tax expense Interest expense $ 34,480 $ 74,000 8,710 27,120 350 3,200 Print Done -