A company bought a machine for $4,700,000 on January 1, 2018. The life of the machine is 12 years and the expected cost to dispose of the machine at the end of 12 years is $650,000. An interest rate of 4% would be appropriate for this company for any necessary present value calculations. What amount will the company record as annual accretion expense for the year ended December 31, 2020?