The below information is the same as the previous question. On January 1, 20X1, a company financed the sale of equipment and recorded a note receivable for the sale. The accountant inappropriately recorded the sale at the face value and coupon rate in the below income statement. Notes receivable (Face value) Tax rate Note receivable information: 430,000 30% Term of the note Coupon rate 8 years 1.2% 5.6% Market rate The note is due in equal annual payments of principle and interest. Incorrect income statement, for the year ended December 31, 20X1 Sales Interest revenue Cost of goods sold Expenses Pretax income Tax expense Net income $1,832,200 5,160 826,300 657800 353 260 105.978 $247,282 4 What is correct amount of sales that should be reported on the income statement