Chris's Lawn Equipment sells high-quality lawn mowers and offers a 3-year warranty on all new lawn mowers sold. In 2020, Chris sold $297,800 of new specialty mowers for golf greens for which Chris's service department does not have the equipment to do the service. Chris has entered into an agreement with Mower Mavens to provide all warranty service on the special mowers sold in 2020. Chris wishes to measure the fair value of the agreement to determine the warranty liability for sales made in 2020. The controller for Chris's Lawn Equipment estimates the following expected warranty cash outflows associated with the mowers sold in 2020. Year Cash Flow Estimate Probability Assessment 2021 $2,710 20% 4,370 60% 4,760 20% 2022 $2,910 30% 5,490 50% 6,410 20% 2023 $3,760 30% 5,840 40% 7,120 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 6%. 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 O decimal places, e.g. 458,581.) The value of the warranty liability for the 2020 sales $