You want to estimate the value of a privately-owned restaurant that is financed entirely with equity. Its most recent income statement is as follows:

Category	Value
Revenue	$3,000,000
Cost of goods sold	600,000
Gross profit	$2,400,000
Salaries and wages	1,400,000
Selling expenses	100,000
Operating profit (EBIT)	$900,000
Taxes	315,000
Net Income	$585,000

You note that the profitability of this restaurant is significantly lower than that of comparable restaurants, primarily due to high salary and wage expenses. Further investigation reveals that the annual salaries for the owner and his wife, the firms accountant, are $900,000 and $300,000 respectively. These salaries are much higher than the industry median salaries for these two positions of $100,000 and $50,000, respectively. Compensation for other employees ($200,000 in total) appears to be consistent with the market rates. The median P/E ratio of comparable restaurants with no debt is 10. What is the total value of this restaurant?