Times interest earned 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 $55,000 $60,000 294,000 Income before income tax 357,500 a. Determine the times interest earned ratio for the current and preceding years. Round to one decimal place. Current year Preceding year in this ratio will be welcomed X b. Although Caliber Company had enough earnings to pay interest in the preceding year, the improvement by the debtholders