A company paid $200 miltion for the right to explore and extract rare metals from land owned by the state. To obtain the rights, the company agreed to restore the land to a suitable condition for other uses after its exploration and extraction activities. The company incurred exploration and development costs of $60 million on the project. The company has a credit-adjusted risk-free interest rate is 7%. It estimates the possible cash fiows for restoring the land, three years after its extraction activities begin, as follows (PV of 51 , PVA of S1y, What is the asset retirement obligation that should be recognized at the beginning of the extraction activities? Note: Round intermediate calculations to one decimal place. Enter your answers in millions rounded to 1 decimal place. Mutiple Choice $370 malion 5151 milion $216m mon 526.4 mation TABLE 2 Present value of 51 P Takle 4 Present Value of an Ordinary Annwity of S1