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TarHeel Corporation reported pretax book income of $1,038,000. During the current year, the net reserve...

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Accounting

TarHeel Corporation reported pretax book income of $1,038,000. During the current year, the net reserve for warranties increased by $101,900. In addition, tax depreciation exceeded book depreciation by $209,500. Finally, TarHeel subtracted a dividends received deduction of $57,600 in computing its current year taxable income. TarHeel's accounting effective tax rate is:

  1. 21%.
  2. 19.83%.
  3. 18.67%.
  4. 17.50%.

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