Hafnaoui Company reported pretax net income from continuing operations of $$1,168,000$ and taxable income of $$695,500.$ The book$$tax difference of $$472,500$ was due to a $$315,000$ favorable temporary difference relating to depreciation, an unfavorable temporary difference of $$126,000$ due to an increase in the reserve for bad debts, and a $$283,500$ favorable permanent difference from the receipt of life insurance proceeds. At the end of the year, the reserve for bad debts had a balance of $$157,500$; the beginning balance in the account was $$31,500.$ Hafnaoui's beginning book $($tax$)$ basis in its fixed assets was $$1,046,000($$$869,000)$ and its ending book $($tax$)$ basis is $$1,615,000($$$1,123,000).$ d$.$ Provide a reconciliation of Hafnaoui Company's effective tax rate with its hypothetical tax rate of $21$ percent.