On January 1, 2020, Concord Corporation exchanged equipment for an $782000 zero-interest-bearing note due on January 1, 2023. The prevailing rate of interest for a note of this type at 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 Concord's 2021 income statement?
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