On January 1, 2021, Thomas Company sold property to Mayflower Company. There was no established exchange price for the property, and Mayflower gave Thomas a $4,000,000 zero-interest-bearing note payable in 5 equal annual installments of $800,000, with the first payment due December 31, 2021. The prevailing rate of interest for a note of this type is 9%. The present value of the note at 9% was $3,111,721 at January 1, 2021. What should be the balance of the Discount on Notes Payable account on the books of Mayflower at December 31, 2021 after adjusting entries are made, assuming that the effective-interest method is used? 

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