On January 1, 2007, ABC Company purchases machinery at a cost of $800,000. The useful life of the asset is 4 years, with no salvage value expected at the end of the period. The the straight-line method of depreciation for financial reporting. The company takes the following depreciation amounts for tax purposes:

 Year                    2007         2008                 2009          2010

Amount          380,000       145,000         140,000       135,000 

The company has income before depreciation and income taxes of $500,000 in 2007. The tax rate is 30% and the company does not have any deferred taxes on 1/1/2007. What amount should be reported as deferred tax liability on 12/31/2007?