Current Year Prior Year Interest expense $5,000,000 $5,000,000 Income before income tax 3,500,000 6,000,000
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Iacouva Company reported the following on the company’s income statement for two recent years:
Please see the attachment for details:
a. Determine the times interest earned ratio for the current year and the prior year. Round to one decimal place.
b. What conclusions can you draw?
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