S&C Company's income before taxes is $360,000, and income tax expense is $115,000. S & C has a deferred tax asset of $100,000 and records a valuation allowance of $25,000. What is S & C's effective tax rate before and after recording the valuation allowance? (Do not round intermediate calculations. Round your final answer to the nearest whole percent.) A. 32% and 25% respectively B. 32% and 39% respectively C. 25% and 39% respectively OD. There would not be a change in ETR because these are due to temporary differences