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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?

$$350646$

$$0$

$$423000$

$$ $$141000$

$$ Attempts: $0$ of $1$ used