Caroline Company began operations in 2018. The company reported $128,000 of depreciation expense on its income statement in 2018 and $84,000 in 2019. On its tax returns, the company deducted $192,000 for depreciation in 2018 and $112,000 in 2019.

The 2019 tax return shows a tax obligation (liability) of $132,000 based on a 25% tax rate. How much deferred tax liability will Caroline report at the end of 2018?

a) $3,200

b) $8,000

c) $15,000

d) $16,000