On December 1, year 1, Tom V. Company entered into an operating lease for office space for its executives for 10 years at a monthly rental of $300,000. On that date, Tom V. paid the landlord the following amounts:

First month's rent	$300,000
Last month's rent	300,000
Installation of new carpet	600,000
	$1,200,000

The entire amount was charged to rent expense in year 1. What amount should Tom V. have charged to expense for the year?