Balance sheet and income statement data indicate the following: Bonds payable, 12% (due in 15 years)$1,219,553 Preferred 8% stock, $100 par (no change during the year)$200,000 Common stock, $50 par (no change during the year)$1,000,000 Income before income tax for year$370,069 Income tax for year$111,021 Common dividends paid$60,000 Preferred dividends paid$16,000 Based on the data presented above, what is the times interest earned ratio (round to two decimal places)? a.2.53 b.1.77 c.0.77 d.3.53