On May 4, 20X1, Ashford Corp. purchased timberlands for $3,000,000 in cash. Under the terms of the purchase agreement, Ashford must restore the site to specified conditions at an estimated future cost of $140,000. There is no residual value for the timberlands. Ashford estimates it will cut timber from the site for ten (10) years before the site must be restored. It uses an 11% discount rate and rounds all calculations to the nearest whole dollar. Question: What is the amount of the asset retirement obligation on the timberlands purchase date? Do not include a currency symbol, decimals, or cents in the numerical response. Answer: $Answer 1 Question 15