Benedict company leased equipment to mark inc. on january 1, 2017. the lease is for an eight-year period, expiring december 31, 2024. the first of eight equal annual payments of $600,000 was made on january 1, 2017. benedict had purchased the equipment on december 29, 2016, for $3,200,000. the lease is appropriately accounted for as a sales-type lease by benedict. assume that at january 1, 2017, the present value of all rental payments over the lease term discounted at a 10% interest rate was $3,520,000. required: what amount of interest income should benedict record in 2018 (the second year of the lease period) as a result of the lease?