On December 31, 2017, Shamrock Co. sold a machine to Cross Co. and simultaneously leased it back for one year. The sales price of the machine was $477,000, the carrying amount is $417,600, and it had an estimated remaining useful life of 14 years. The present value of the rental payments for the one year is $34,900. At December 31, 2017, how much should Shamrock report as deferred revenue from the sale of the machine?

What is the amount of deferred revenue to be reported?