Ajax Co. began operations in January 2013. For certain of its property sales, Ajax recognizes income in the period of sale for financial reporting purposes. However, for income tax purposes, Ajax recognizes income when it collects cash from the buyer's installment payments.

In 2013, Ajax had $695 million in sales of this type. Scheduled collections for these sales are as follows:

2013	$ 85 million
2014	139 million
2015	136 million
2016	175 million
2017	160 million
	$695 million

Assume that Ajax has a 26% income tax rate and that there were no other differences in income for financial statement and tax purposes.

Ignoring operating expenses, what deferred tax liability would Ajax report in its year-end 2013 balance sheet? (Round your answer to the nearest whole million.) Please show how your numbers were obtained, especially the awnser, all methods used must be in complince with GAAP standards and U.S Tax laws.