The following information applies to the questions displayed below.] Randolph Company reported pretax net income from continuing operations of $800,000 and taxable income of $500,000. The booktax difference of $300,000 was due to a $200,000 favorable temporary difference relating to depreciation, an unfavorable temporary difference of $80,000 due to an increase in the reserve for bad debts, and a $180,000 favorable permanent difference from the receipt of life insurance proceeds.

Provide a reconciliation of Randolph Companys 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.)