Rosson Corporation, which began business on January 1, 2009, appropriately uses the installment sales method of accounting for income tax reporting purchases. The following data are available for 2008:
Installment accounts receivable, 12/31/2008 200,000
Installment Sales for 2008 350,000
Gross Profit on sales 40%
Under the istallment sales method, what would Rosson's deferred gross profit at December 31, 2008 be?