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Paxton Company provided the following income statement for last year: Sales $ 87,021,000 Cost...

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Accounting

Paxton Company provided the following income statement for last year:

Sales $ 87,021,000

Cost of goods sold (62,138,249)

Gross margin $ 24,882,751

Operating expenses (19,371,601)

Operating income $ 5,511,150

Interest expense (875,400)

Income before taxes $ 4,635,750

Income taxes (1,854,300)

Net income $ 2,781,450

Calculate the times-interest-earned ratio. (Note: Round the answer to one decimal place.)

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