On December 31, 2024, Coronado Company finished consulting services and accepted in exchange a promissory note with a face value of $1,340,000, a due date of December 31,2027 , and a stated interest rate of 5%, with interest receivable at the end of each year. The fair value of the services is not readily determinable and the note is not readily marketable: Under the circumstances, the note is considered to have an appropriate imputed rate of interest of 10%. The following interest factors are provided: (a) Determine the present value of the note. (Round answer to 0 decimal places, eg. 5.275. )