Question: Technoid Incorporated sells computer systems. Technoid leases computers to Lone Star Company on January 1 , 2 0 2 4 . The manufacturing cost of

Technoid Incorporated sells computer systems. Technoid leases computers to Lone Star Company on January 1,2024. The manufacturing cost of the computers was $17 million.
This noncancelable lease had the following terms:
Lease payments: $2,691,724 semiannually; first payment on January 1,2024; remaining payments on June 30 and December 31 each year through June 30,2028.
Lease term: 5 years (10 semiannual payments).
No residual value; no purchase option.
Economic life of equipment: 5 years.
Implicit interest rate and lessee's incremental borrowing rate: 6% semiannually.
Fair value of the computers on January 1,2024: $21 million.
What is the interest revenue that Technoid would report for this lease in its income statement for the year ended December 31,2024?
Note: Round your answer to the nearest whole dollar.

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