Green Corporation reported pretax book income of $1,038,000. During the current year, the net reserve for warranties increased by $51,900. In addition, tax depreciation exceeded book depreciation by $109,500. Finally, Green subtracted a dividends received deduction of $25,950 in computing its current year taxable income. Green's cash tax rate is:

Multiple Choice

• 21%.

• 20.48%.

• 19.95%.

• 19.31%.