Alans Lawn Equipment sells high-quality lawn mowers and offers a 3-year warranty on all new lawn mowers sold. In 2020, Alan sold $296,100 of new specialty mowers for golf greens for which Alans service department does not have the equipment to do the service. Alan has entered into an agreement with Mower Mavens to provide all warranty service on the special mowers sold in 2020. Alan wishes to measure the fair value of the agreement to determine the warranty liability for sales made in 2020. The controller for Alans Lawn Equipment estimates the following expected warranty cash outflows associated with the mowers sold in 2020. Year Cash Flow Estimate Probability Assessment 2021 $2,440 20% 4,260 60% 4,650 20% 2022 $3,080 30% 5,250 50% 6,200 20% 2023 $4,320 30% 6,550 40% 6,630 30% Click here to view factor tables Using expected cash flow and present value techniques, determine the value of the warranty liability for the 2020 sales. Use an annual discount rate of 4%. Assume all cash flows occur at the end of the year. (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.) The value of the warranty liability for the 2020 sales $