Collins Co. began operations in 2005. The company lost money the first two years, but has been profitable ever since. The company's taxable income (EBT) for its first four years is summarized below: The corporate tax rate has remained at 34%. Assume that the company has taken full advantage of the Tax Code's carry-back, carry-forward provisions, and assume that the current provisions were applicable in 2005. What is Collins' tax liability for 2008 ? a. $1,320,800 b. $1,069,848 c. $1,462,000 d. $1,188,720