A reconciliation of Reaker Company's pretax accounting income with its taxable income for 2008, its first year of operations, is as follows:
Pretax accounting income $3,000,000
Excess tax depreciation (90,000)
Taxable income $2,910,000
The excess tax depreciation will result in equal net taxable amounts in each of the next three years. Enacted tax rates are 40% in 2008, 35% in 2009 and 2010, and 30% in 2011. The total deferred tax liability to be reported on Reaker's balance sheet at December 31, 2008, is
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