Golden hammer mining company purchased a mine at a cost of $3,000,000 in 2020. The company spent an additional $500,000 getting the mine ready for its intended use. It is estimated that 300,000 tons of mineral can be removed from the mine over its useful life and the residual value of the mine will be $200,000. During 2020, 55,000 tons of mineral were removed from the mine and 35,000 tons were sold.

Required:

At the end of 2020, what is the net book value of the mine on Golden hammer's balance sheet?