Need help understanding the prompt. I simply require a firmer understanding of the calculation to feel confident

On January 1, 2018, Crane Company sold property to Wildhorse Co. which originally cost Crane $2740000. There was no established exchange price for this property. Wildhorse gave Crane a $4230000 zero-interest-bearing note payable in three equal annual installments of $1410000 with the first payment due December 31, 2018. The note has no ready market. The prevailing rate of interest for a note of this type is 10%. The present value of a $4230000 note payable in three equal annual installments of $1410000 at a 10% rate of interest is $3506670. What is the amount of interest income that should be recognized by Crane in 2018, using the effective-interest method?