Harrel Company acquired a patent on an oil extraction technique on January 1, 2017 for $7,500,000. It was expected to have a 10 year life and no residual value. Harrel uses straight-line amortization for patents. On December 31, 2018, the future cash flows expected from the patent were $900,000 per year for the next eight years. The present value of these cash flows, discounted at Harrels market interest rate, is $4,200,000. At what amount should the patent be carried on the December 31, 2018 balance sheet?