Baltimore Inc. reported pretax GAAP income of $45,000 in 2020. In analyzing differences between GAAP in- come 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 Taxable income d. Net income b. Income tax payable Effective tax rate Income tax expense a. e. C. Refer to information in Brief Exercise 18-33. Prepare a reconciliation between Baltimore Inc.'s effective and statutory tax rates