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Compute the TarHeel accounting effective tax rate

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Reference no: EM132681514

Question - TarHeel Corporation reported pretax book income of $1,024,000. During the current year, the net reserve for warranties increased by $101,200. In addition, tax depreciation exceeded book depreciation by $206,000. Finally, TarHeel subtracted a dividends received deduction of $54,800 in computing its current year taxable income. Compute the TarHeel's accounting effective tax rate?

a. 21%

b. 19.88%

c. 18.75%

d. 17.63%

Reference no: EM132681514

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