On January $1,$ a company issued $$400,000$ of $10-$year, $8\%$ bonds for $$423,000.$ The bonds pay interest annually. The bond issuer uses the straight$-$line method of amortization. What is the amount of interest expense for the first year?

Group of answer choices

$$29,700$

$$25,100$

$$32,000$

$$31,300$

$$33,840$