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Atkinson Co., organized on January 2, 2012, had pretax accounting income of $640,000 and taxable income of $1,600,000 for the year ended December 31, 2012. The only temporary difference is accrued product warranty costs which are expected to be paid as follows:

2013 $320,000
2014 $160,000
2015 $160,000
2016 $320,000

The enacted income tax rates are 35% for 2012, 30% for 2013 through 2015, and 25% for 2016. If Atkinson expects taxable income in future years, the deferred tax asset in Atkinson's December 31, 2012 balance sheet should be:

a) $192,000

b) $224,000

c) $272,000

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