Ex 12-15 number of times interest charges are earned ObJ.6Loomis, Inc. reported the following on the company’s income statement in 2016 and 2015:20162015Interest expense$ 13,500,000$ 16,000,000Income before income tax expense310,500,000432,000,000a. Determine the number of times interest charges were earned for 2016 and 2015. Round to one decimal place..transtutors.com/qimg/6371058f-3e33-4f23-97b7-23fc52376004.png”>Ex 12-16 number of times interest charges are earned ObJ.6Iacouva Company reported the following on the company’s income statement for 2016 and 2015:20162015Interest expense$5,000,000$5,000,000Income before income tax3,500,0006,000,000a. Determine the number of times interest charges are earned for 2016 and 2015. Round to one decimal place.b. What conclusions can you draw?
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