On January $1,2024,$ Great Basin Company acquired land for $$7\mathrm{.}0$ million. Great Basin Company paid $$1\mathrm{.}4$ million in cash and signed a $5\%$ note requiring the company to pay the remaining $$5\mathrm{.}6$ million plus interest on December $31,2025.$ An interest rate of $5\%$ properly reflects the time value of money for this type of loan agreement. What amount of interest expense would Great Basin Company record on December $31,2025($two years later$)?$

$$280,000$

$$294,000$

$$560,000$

$$574,000$