Halchita Company began operations in 20X1 and had operating losses of $400,000 in 20X1 and $300,000 in 20X2. Assume an enacted tax rate of 30% for all years. There were no temporary differences in either of the years. As of December 31, 20X2, what should be reported in Halchita's balance sheet with respect to these tax loss carryforwards? 

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