! Required information [The following information applies to the questions displayed below.] Randolph Company reported pretax net income from continuing operations of $1,077,500 and taxable income of $657,500. The book-tax difference of $420,000 was due to a $252,000 favorable temporary difference relating to depreciation, an unfavorable temporary difference of $86,000 due to an increase in the reserve for bad debts, and $254,000 favorable permanent difference from the receipt of life insurance proceeds. a 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.) ETR reconciliation (in S) Income tax expense at 21% Income tax provision ETR reconciliation (in % ) Hypothetical income tax rate 21.00 %