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Balance sheet and income statement data indicate the following: Bonds payable 6% 1,200,000 Income Before...

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Accounting

Balance sheet and income statement data indicate the following:

Bonds payable 6% 1,200,000

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, what is the number of times bond interest charges were earned (round to two decimal places)?

Answer, according to answer key is 5.72 but I do not come up with that number. How do they arrive at that number? Thank you!

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