Reference no: EM133044240
Question - Balance sheet and income statement data indicate the following:
Bonds payable, 10% (issued 1988 due 2012)$1,000,000
Preferred 5% stock, $100 par (no change during year) 300,000
Common stock, $50 par (no change during year) 2,000,000
Income before income tax for year 350,000
Income tax for year 80,000
Common dividends paid 50,000
Preferred dividends paid 15,000
Based on the data presented above, what is the number of times bond interest charges were earned (round to one decimal point)?