Smithson Mining operates a silver mine in Nevada. Acquisition, exploration, and development costs totaled $7.0 million. After the silver is extracted in approximately five years, Smithson is obligated to restore the land to its original condition, including constructing a wildlife preserve. The companys controller has provided the following three cash flow possibilities for the restoration costs: (1) $640,000, 25% probability; (2) $690,000, 50% probability; and (3) $790,000, 25% probability. The companys credit-adjusted, risk-free rate of interest is 6%. (FV of $1,PV of $1,FVA of $1,PVA of $1,FVAD of $1andPVAD of $1)(Use appropriate factor(s) from the tables provided.)

What is the book value of the asset retirement liability at the end of one year?(Enter your answer in whole dollars.)