On January 1, 2024, Kingbird Company sold property to Ivanhoe Company which originally cost Kingbird $2750000. There was no established exchange price for this property. Ivanhoe gave Kingbird a $4230000 zero-interest-bearing note payable in three equal annual installments of $1410000 with the first payment due December 31, 2024. 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 $3506461. What is the amount of interest income that should be recognized by Kingbird in 2024 if the effective-interest method is used?