Old Smooky McCarthy was drilling wildcat holes in northern Michigan when he struck oil. The find is estimated at 2 million producible barrels of oil. The cost of drilling the well was $1.5 million; royalty to the owner is $2.50/barrel plus a bonus of $5,000 for signing the agreement last year. Oil currently sells for $18/barrel. What should the asset value of this property be on the balance sheet?