Reference no: EM132604148
Question - ABC Company has the following balance sheet and income statement data at December 31st, 2019:
Bonds Payable, 8% (contractual rate and market rate) maturity date December 31st, 2023 $1,200,000
$8 Preferred Shares (no change during the year) 200,000
Common Shares (no change during the year) 1,000,000
Profit before income tax expense for the year 320,000
Income tax expense for the year 80,000
Common share dividends paid during the year 60,000
Preferred share dividends paid during the year 16,000
Based on the above data, what is the interest coverage ratio at December 31st, 2019 ( round to two decimal places )?
A) 5.67
B) 4.33
C) 3.50
D) 3.24
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