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c. Compute Hafnaoui Company's effective tax rate. Note: Round your answer to 2 decimal places. d. Provide a reconciliation of Hafnaoul 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. b. Compute Hafnaoui Company's deferred income tax expense or (benefit). Note: Enter all numbers as a positive number and indicate whether a deferred tax expense or a deferred tax benefit. Hafnaoul Company reported pretax net income from continuing operations of $1,016,500 and taxable income of $602,500. The book-tax difference of $414,000 was due to a $289,000 favorable temporary difference relating to depreciation, an unfavorable temporary difference of $130,000 due to an increase in the reserve for bad debts, and a $255,000 favorable permanent difference from the receipt of life insurance proceeds. Problem 17-75 Part a (Algo) a. Compute Hafnaoul Company's current income tax expense