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What amount of interest revenue should included in sunland

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Problem 1: On January 1, 2020, Sunland Company exchanged equipment for an $790000 zero-interest-bearing note due on January 1, 2023. The prevailing rate of interest for a note of this type January 1, 2020 was 9%. The present value of $1 at 9% for three periods is 0.77. What amount of interest revenue should be included in Sunland's 2021 income statement?

Option 1: $0
Option 2: $54747
Option 3: $59674
Option 4: $71100

Reference no: EM132708888

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