On April 2, 2020, shortly after the $7.5 million deposit outflow, Key Bank had borrowed the needed fund in the fed funds market to cover the shortfall in reserves for the remainder of the month (29 days, from 4/2 to 4/30). The required yield on a discount basis was 1.5%.

On April 30, 2020, Key Bank finally received the first required payments from its mortgages, loan, and T-bills, and it also paid off its fed funds loan. Key Bank was required to establish a loan loss reserve at 0.5% of the commercial loan value and the bank was in the 35% tax bracket. The bank had not engaged in any off-balance-sheet activities.

The following accounting entries record these cash flow transactions.

Accounting entries for mortgages and loan.

Debit		Credit
Cash		Interest income from mortgages
		Reduction in mortgage loan balance
		Interest income from commercial loan

Accounting entries for T-bills.

Debit		Credit
Cash		T-bills	$60,000,000.00
		Interest income from T-bills

Accounting entries for fed funds loan.

Debit		Credit
Fed funds borrowed	$3,750,000.00	Cash	$3,754,536.73
Interest expense	$4,536.73

Question: What was the dollar amount of interest income from T-bills as of April 30, 2021?

Group of answer choices

$198,430.35

$145,676.25

$271,220.49

$259,476.45