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) On January 1, 2016, Bertram Co. sold property to King Company. There was no established exchange price for the property, and King gave Bertram a $3,000,000, zero-interest bearing note payable in 5 equal annual installments of $600,000, with the first payment due December 31, 2016. The prevailing rate of interest for a note of this type is 9%. The present value of the note at 9% was $2,163,000 at January 1, 2016. How much of the discount will still need to be amortized as of December 31, 2016, after adjusting entries have been made? Assume the effective interest method is used. $21030DO -707294,670