On January 1, 2021, Princess Corporation leased equipment to King Company. The lease term is 10 years. The first payment of $722,000 was made on January 1, 2021. The equipment cost Princess Corporation $4,359,718. The present value of the lease payments is $4,719,748. The lease is appropriately classified as a sales-type lease.

Assuming the interest rate for this lease is 11%, how much interest revenue will Princess record in 2022 on this lease?

1) 282,248

2) 413,715 3) 439,752

4) 408,705