The following income statement has been provided by ABC Corporation: Sales $1,000,000 Less cost of goods sold 700,000 Gross profit 300,000 Less operating expenses 140,000 Net operating income 160,000 Less interest expense 20,000 Income before taxes 140,000 Less income taxes (30%) 42,000 Net income $ 98,000 The company's times interest earned ratio for the year is: