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The consolidated statement of earnings of Anonymous Corporation for the year ended December 31, 2007, is as follows:
Net sales
$1,550,010,000
Other income, net
10,898,000
1,560,908,000
Costs and expenses:
Cost of goods sold
1,237,403,000
Depreciation and amortization
32,229,000
Selling, general, and administrative
178,850,000
Interest
37,646,000
1,486,128,000
Earnings from continuing operations before
income taxes and equity earnings
74,780,000
Income taxes
37,394,000
Earnings from continuing operations before equity earnings Equity in net earnings of unconsolidated
subsidiaries and affiliated companies
37,386,000
27,749,000
Earnings from continuing operations
Earnings (losses) from discontinued operations, net of applicable income taxes
65,135,000
6,392,000
Net earnings
$71,527,000
Required
a. Compute the times interest earned for 2007.
b. Compute the times interest earned for 2007, including the equity income in the coverage.
c. What is the impact of including equity earnings from the coverage? Why should equity income be excluded from the times interest earned coverage?
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