Times-Interest-Earned Tsao Company provided the following income statement for last year: Sales Cost of goods sold Gross margin $17,450,000 6,500,000 $10,950,000 Operating expenses Operating income 3,750,000 $7,200,000 Interest expense 560,000 Income before taxes $6,640,000 Income taxes Net income Required: Calculate the times-interest-earned ratio. Round your answer to one decimal place. times 1,650,000 $4,990,000