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6) A company paid $2,000,000 in year 1 for the mining site and spent an additional $500,000 to prepare the mine for extraction of the copper. After the copper is extracted in approximately four vears, the company is required to restore the land to its original condition, including repaving of roads and replacing a greenbelt. The company has provided the following three cash flow possibilities for the restoration costs: To aid extraction, Falcon purchased some new equipment on July 1 , year 1 , for $150,000 which will be buried in the mine when closed. The credit-adjusted, risk-free rate of interest is 10%. PV factor (n=4,I=10%) is .68301 . Required: What is accretion expense in vear 1 ? (Round to nearest dollar)