Thomas Company, in its first year of business, had pretax accounting income of $640,000 and a taxable income of $750,000 for the year ended 12-31-17. The only temporary difference is accrued product warranty costs of which $40,000 will be paid in 2018 and $70,000 will be paid in 2019.The enacted income tax rates are 25% for 2017, 23% for 2018, and 20% for 2019. Assume Thomas expects taxable income in future years. What deferred tax asset will Thomas report on its 12-31-17 balance sheet?