Smithson Mining operates a silver mine in Nevada. Acquisition, exploration, and development costs totaled $6.2 million. Ather the stiven 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 possiblities for the testoration conss. (i) $560,000,15% probability; (2) $610,000,50% probability; and (3) $710,000,35% probability. The company's credit-adjusted, riskltee rate of interest is 6%. What is the book value of the asset retirement liabllity at the end of one year? Assuming that the actual restoration costs incurred after five years are $656,000, what amount of gain or loss wim Smithson recognin on retirement of the liability? Note: Use appropriate factor(s) from the tables provided. Do not round intermediate calculations. Enter your answers in dollar not in millions of dollars. (FV of \$1, PV of \$1, FVA of $1, PVA of $1, EVAD of $1 and PVAD of $1 )