A reconciliation of Pharoah Company's pretax accounting income with its taxable income for 2021, its first year of operations, is as follows:

Pretax accounting income$4900000

Excess tax depreciation

(249000)Taxable income

$4651000

The excess tax depreciation will result in equal net taxable amounts in each of the next three years. Enacted tax rates are 30% in 2021, 25% in 2022 and 2023, and 20% in 2024. The total deferred tax liability to be reported on Pharoah's balance sheet at December 31, 2021, is