On January $1$ of Year $1,$ Congo Express Airways issued $$3,240,000$ of $8\%$ bonds that pay interest semiannually on January $1$ and July $1.$ The bond issue price is $$2,980,000$ and the market rate of interest for similar bonds is $9\%.$ The bond premium or discount is being amortized at a rate of $$8,667$ every six months. The amount of interest expense recognized by Congo Express Airways on the bond issue in Year $1$ would be: Multiple Choice $$241,866.$ $$291,600.$ $$276,534.$ $$259,200.$ $$138,267.$