ABC Corp. is an unlevered firm and has an annual EBIT of $450,000 that is estimated to last in perpetuity. ABC Corp. has an unlevered cost of capital of 12% and a tax rate of 45%. Suppose it is considering adding $980,000 of debt at 8%. This new debt will add an estimated PV of financial distress cost of $175,000. What is the new value of ABC Corp. under this proposed new capital structure?