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Calculate the TarHeel accounting effective tax rate

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Question - TarHeel Corporation reported pretax book income of $1,040,000. During the current year, the net reserve for warranties increased by $102,000. In addition, tax depreciation exceeded book depreciation by $210,000. Finally, TarHeel subtracted a dividends received deduction of $58,000 in computing its current year taxable income. Calculate the TarHeel's accounting effective tax rate?

a. 21%

b. 19.83%

c. 18.66%

d. 17.49%

Reference no: EM132447985

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