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On January 1, 20X1, a company financed the sale of equipment and recorded a note receivable for the sale. The accountant inappropriately recorded the sale

On January 1, 20X1, a company financed the sale of equipment and recorded a note receivable for the sale. The accountant inappropriately recorded the sale at the face value and coupon rate in the below income statement.

Notes receivable (Face value) 430,000
Tax rate 30%

Note receivable information:

Term of the note 8 years
Coupon rate 1.2%
Market rate 5.6%

The note is due in equal annual payments of principle and interest.

Incorrect income statement, for the year ended December 31, 20X1

Sales $1,832,200
Interest revenue 5,160
Cost of goods sold 826,300
Expenses 657,800
Pretax income 353,260
Tax expense 105,978
Net income $247,282

What is correct amount of sales that should be reported on the income statement?

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