Multiple Choice Question 97 On January 1, 2018, Coronado Industries sold property to Sandhill Co, which originally cost Coronado $2800000. There was no established exchange price for this property Sandhill gave Coronado a $4110000 Zero-interest bearing not payable in three equal annual installments of $1370000 with the first payment due December 31, 2018. The note has no rady a t The prevailing rate of interest for a note of this type is 10%. The present value of a $4110000 note payable in three equal annual installments of $1370000 at a 10% rate of interest is $3407190 What is the amount of interest income that should be recognized by Coronado in 2018, using the effective interest method