An airline commenced business on 1 April 2010, and on the same day acquired a single aircraft for £3 million. However, it had to pay £240,000 for a major inspection without which the aviation authorities would not permit flight clearance. The inspection and clearance need to be repeated at 18-month intervals and would cost the same amount. During the year to 31 March 2011, insurance and regular maintenance of the aircraft cost £184,000 and £218,000 respectively. The aircraft is expected to remain in use for twenty years and the depreciation is to be on the straight-line method.

Required: 

At what value will be aircraft be reported on the Statement of financial position of the airline on 31 March 2011?