On January 1, 2021, Jacobs Company sold property to Dains Company which originally cost Jacobs $2,660,000. There was no established exchange price for this property. Danis gave Jacobs a $4,200,000 zero-interest-bearing note payable in three equal annual installments of $1,400,000 with the first payment due December 31, 2021. The note has no ready market. The prevailing rate of interest for a note of this type is 10%. The present value factor of $1, for 3 periods at 10% interest rate is .7513. The present value factor of an annuity, for 3 periods at 10% interest rate is 2.487. What is the amount of interest income that should be recognized by Jacobs in 2021, using the effective-interest method? $348,180. $315,546. $420,000. $140,000