Posted by shannon on .
18. Balance sheet and income statement data indicate the following:
Bonds payable, 6% (issued 2000, due 2020) $1,200,000
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 340,000
Income tax for year 80,000
Common dividends paid 60,000
Preferred dividends paid 16,000
Based on the data presented above, what is the number of times bond interest charges were earned (round to two decimal places)?