Montana Mining Co. (MMC) paid \$200 million for the right to explore and extract rare metals from land owned by the state of Montana. To obtain the rights, MMC agreed to restore the land to a suitable condition for other uses after its exploration and extraction activities. MMC incurred exploration and development costs of $60 million on the project. MMC has a credit-adjusted risk free interest rate is 7%. It estimates the possible cash flows for restoring the land, three years after its extraction activities begin, as follows: The asset retirement obligation (rounded) that should be recognized by MMC at the beginning of the extraction activities is: A) $8.2 million. B) $14.7 million. C) $19.60 million. D) $30 million