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 the fair value of the note receivable?

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

What is correct amount of interest revenue on the income statement?