Hafnaoul Company reported pretax net income from continuing operations of $1,103,500 and taxable income of $667,500. The book-tax difference of $436,000 was due to a $250,000 favorable temporary difference relating to depreciation, an unfavorable temporary difference of $106,000 due to an increase in the reserve for bad debts, and a $292,000 favorable permanent difference from the receipt of life insurance proceeds. d. Provide a reconciliation of Hafnaoui Company's effective tax rate with its hypothetical tax rate of 21 percent. Note: Amounts to be deducted should be indicated by a minus sign. Round your percentages to 2 decimal places. > Answer is complete but not entirely correct. ETR reconciliation (in $) $ Income tax expense at 21% 231,735 Tax benefit from permanent difference 61,320 X $ Income tax provision 170,415 ETR reconciliation (in %) Hypothetical income tax rate Tax benefit from permanent difference Effective tax rate 21.00 % 5.56% 15.44 %