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. The statutory tax rate is 25%. Prepare a reconciliation between Baltimore Inc.'s effective and statutory tax rates. Note: Round percentage to one decimal place (for example, enter 3.4 for 3.35%). Percentage 25 % Statutory tax rate Tax-exempt income Non-deductible expense Effective tax rate Check 1.9 % 3.3 % 26.2