Henry's Lawn Equipment sells high-quality lawn mowers and offers a 3-year warranty on all new lawn mowers sold. In 2020, Henry sold $289,600 of new specialty mowers for golf greens for which Henry's service department does not have the equipment to do the service. Henry has entered into an agreement with Mower Mavens to provide all warranty service on the special mowers sold in 2020. Henry wishes to measure the fair value of the agreement to determine the warranty liability for sales made in 2020. The controller for Henry's Lawn Equipment estimates the following expected warranty cash outflows associated with the mowers sold in 2020. Cash Flow Probability Year Estimate Assessment 2021 $2,400 20% 3,910 60% 5,010 20% 2022 $2,800 30% 4,960 50% 5,450 20% 2023 $3,830 30% 5,410 40% 6,750 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 $