Smithson MInIng operates a silver mine In Nevada. Acquisition, exploration, and development costs totaled $5.9 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 company's controller has provided the following three cash flow possibilities for the restoration costs: (1) $530,000,25% probability; (2) $580,000,40% probability; and (3) $680,000, 35% probability. The company's credit-adjusted, risk-free rate of interest is 7%. What is the book value of the asset retirement Ilability at the end of one year? Assuming that the actual restoration costs incurred after five years are $626,000, what amount of gain or loss will Smithson recognize on retirement of the liability? Note: Use approprlate factor(s) from the tables provided. Do not round Intermedlate calculations. Enter your answers in dollars not in millions of dollars. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1 )