Reconciling between Effective and Statutory Tax Rates Baltimore Inc. reported pretax GAAP income of $81,000 in 2020. In analyzing differences between GAAP income and taxable income, the company determined that it had deducted $9,500 in nondeductible fines and added $5,320 in tax-exempt municipal interest revenue to GAAP income. The statutory tax rate is 25%. Prepare a reconciliation between Baltimore Inc.'s effective and statutory tax rates. Note: Enter the percent rounded to one digit after the decimal; for example, enter 8.4 for 8.44%, or 8.5 for 8.45%. Percentage Statutory tax rate 96 Tax-exempt income 96 Non-deductible expense 96 Effective tax rate 96