On January $1$ of Year $1,$ Congo Express Airways issued $$3,750,000$ of $8\%$ bonds that pay interest semiannually on January $1$ and July $1.$ The bond issue price is $$3,440,000$ and the market rate of interest for similar bonds is $9\%.$ The bond premium or discount is being amortized at a rate of $$10,333$ every six months. The amount of interest expense recognized by Congo Express Airways on the bond issue in Year $1$ would be:

Multiple Choice

$$300,000.$

$$320,666.$

$$337,500.$

$$160,333.$

$$279,334.$