Analyzing Permanent Differences Baltimore Inc. reported pretax GAAP income of $45,000 in 2020. In analyzing differences between GAAP income and taxable income, the company determined that it had deducted $5,000 in nondeductible fines and added $2,800 in tax-exempt municipal interest revenue to GAAP income. Given a statutory tax rate of 25%, determine the following. a. Taxable income $ 0 0 b. Income tax payable $ c. Income tax expense $ 0 d. Net income $ 0 Note: Round percentage to the one decimal place (for example, enter 3.4 for 3.35%). e. Effective tax rate 0 %