Steven Company owns 40% of the outstanding voting common stock of Nicole Corp. and has the ability to significantly influence the investee's operations. On January 3,2009,the balance in the Investment in Nicole Corp. account was $503,000. Amortization associated with this acquisition is $12,000 per year. During 2009,Nicole earned net income of $120,000 and paid cash dividends of $40,000. Previously in 2008,Nicole had sold inventory costing $35,000 to Steven for $50,000. All but 25% of that inventory had been sold to outsiders by Steven during 2008. Additional sales were made to Steven in 2009 at a transfer price of $75,000 that had cost Nicole $54,000. Only 10% of the 2009 purchases had not been sold to outsiders by the end of 2009.

What amount of unrealized inter-company inventory profit should be deferred by Steven at December 31,2008?