Tsao Company provided the following income statement for last year:…

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Tsao Company provided the following income statement for last year: Sales……………………………………………$16,250,000 Cost of goods sold……………………………….6,500,000 Gross margin……………………………………$ 9,750,000 Operating expenses………………………………3,750,000 Operating income………………………………$ 6,000,000 Interest expense……………………………………500,000 Income before taxes…………………………..$ 5,500,000 Income taxes……………………………………1,650,000 Net income……………………………………$ 3,850,000 Required: Calculate the times-interest-earned ratio.

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