Trekkers footwear bought a piece of machinery on january 1, 2006 at a cost of $2. 3 million, and the machinery is being depreciated annually at an amount of $230,000 for 10 years. Its market value on december 31, 2008 is $1. 75 million. The firm's accountant is preparing its financial statement for the fiscal year end on december 31, 2008. The asset's value should be recognized on the balance sheet at.