Question: Looking for help solving this problem. Thanks! On January 1,2021, Coronado Industries sold property to Wildhorse Co. which originally cost Coronado $2670000. There was no

Looking for help solving this problem. Thanks!

On January 1,2021, Coronado Industries sold property to Wildhorse Co. which originally cost Coronado $2670000. There was no established exchange price for this property. Wildhorse gave Coronado a $4050000 zero-interest-bearing note payable in three equal annual installments of $1350000 with the first payment due December 31, 2021. The note has no ready market. The prevailing rate of interest for a note of this type is 10%. The present value of a $4050000 note payable in three equal annual installments of $1350000 at a 10% rate of interest is $3357450. What is the amount of interest income that should be recognized by Coronado in 2021 , using the effective-interest method? $405000.$335745.$0.$135000

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