Premium Co is planning to undertake a project for which it will need to buy an equipment costing $1.6 million. The useful life of the equipment for tax purposes is 8 years depreciated using the straight-line method. As the project will last for 6 years, ABC Co expects to sell the equipment at the end of year 6 for $630,000. If the tax rate is 35% what are the expected after-tax proceeds from the sale in year 6?