Randolph Company reported pretax net income from continuing operations of $853,000 and taxable income of $595,000. The book-tax difference of $258,000 was due to a $203,000 favorable temporary difference relating to depreciation, an unfavorable temporary difference of $145,000 due to an increase in the reserve for bad debts, and a $200,000 favorable permanent difference from the receipt of life insurance proceeds. Problem 17-75 Part d (Algo) d. Provide a reconciliation of Randolph Company's effective tax rate with its hypothetical tax rate of 21 percent. (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% 179,130 (42,000) Tax benefit from permanent difference Income tax provision 137,130 21.00 % ETR reconciliation (in %) Hypothetical income tax rate Tax benefit from permanent difference Effective tax rate 11.15 X % 4.92 x %