Y Company sold inventory in exchange for a note receivable on January 1, Year 1. The note required the customer to make payments of $10,000 on February 1, Year 1, $8,000 on March 1, Year 1, and $6,000 on April 1, Year 1 based on an interest rate of 8%.

Determine the amount that Y Company should recognize as sales revenue on January 1, Year 1.

Note: Give your answer using dollar signs and commas but no decimal points (cents).

Example: $12,345