Benedict Company leased equipment to Mark Inc. on January 1, 2008. The lease is for an eight-year period, expiring December 31, 2015. The first of eight equal annual payments of \($600,000\) was made on January 1, 2008. Benedict had purchased the equipment on December 29, 2007 for \($3,200,000\). The lease is appropriately accounted for as a sales-type lease by Benedict. Assume that at January 1, 2008, the present value of all rental payments over the lease term discounted at a 10% interest rate was $3,520,000.
Required:
What amount of interest income should Benedict record in 2009 (the second year of the lease period) as a result of the lease?