Technoid Incorporated sells computer systems. Technoid leases computers to Lone Star Company on January 1, 2024. The manufacturing cost of the computers was $20 million.

This noncancelable lease had the following terms:

• Lease payments: $2,960,105 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: 5% semiannually.
• Fair value of the computers on January 1, 2024: $24 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.

Multiple Choice

$0

$2,008,584

$1,051,995

None of these answer choices is correct.