During $20$X$1,$ Color Run Company recorded the following sales in its income statement. The sales amount is incorrect as one sale $($on January $1,20$X$1)$ was a result of a financed sale of equipment. The accountant inappropriately recorded the sale and note receivable at the face value and coupon rate.

Incorrect Sales amount on the income statement $$3,621,900$

Note receivable information:

Notes receivable $($Face value$)850,000$

Coupon rate $1\mathrm{.}00\%$

Market rate $5\mathrm{.}00\%$

Term $6$ years

The note is due in equal annual payments of principle and interest.

What is the correct amount of total sales that should be reported on the income statement for $20$X$1?$

Multiple Choice

$3,621,900$

$3,516,332$

$3,727,468$

$4,366,332$b