4 3 points On January 1, 2018, Crown Company sold property to Leary Company. There was no established price for the property, and Leary gave Crown a $5,000,000 zero-interest bearing note payable on December 31, 2022 (five years later). The prevailing rate of interest for a note of this type is 9%. The present value of the note at 9% was $3,249,650 at January 1, 2018. What should be the balance in the Discount on Notes Payable account on the books of Leary at December 31, 2018 after adjusting entries are made, assuming that the effective interest method is used? 00:51:26 Multiple Choice $292,469 $1,750,350 $1,300,350 $1,457,881