Times interest eamed The following data were taken from recent annual reports of Caliber Company, which operates a low-fare airline service to more than 50 cities in the United States: Current Year Preceding Year Interest expense $50,000 $55,000 Income before income tax 300,000 220,000 a. Determine the times interest earned ratio for the current and preceding years. Round to one decimal place. Current year Preceding year b. Although Calber Company had enough earings to pay interest in the preceding year the in the rate will be by the debtholder