Sheridan Inc.$\text{'}$s only temporary difference at the beginning and end of $2024$ is caused by a $$3\mathrm{.}54$ million deferred gain for tax purposes for an installment sale of a plant asset, and the related receivable $($only one$-$half of which is classified as a current asset$)$ is due in equal installments in $2025$ and $2026.$ The related deferred tax liability at the beginning of the year is $$1,062,000.$ In the third quarter of $2024,$ a new tax rate of $20\%$ is enacted into law and is scheduled to become effective for $2026.$ Taxable income for $2024$ is $$5,900,000,$ and taxable income is expected in all future years.

$($a$)$

Your answer is incorrect.

Determine the amount reported as a deferred tax liability at the end of $2024.$

Deferred tax liability $

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