On January 2,2019, Silver Company invested in a 4-year 10% bond with a face value of $3,000,000 in which interest is to be paid every December 31. The bonds have an effective interest rate of 8% and was acquired for $3,198,650. Silver Company classified the bonds as investment at amortized cost. On December 31, 2021, Silver Company sold the bonds at the prevailing rate of 12% and incurred total transaction cost of $45,000.

What amount of interest income should Silver Company report in its 2021 statement of income?

A. 248,552

B. 244,437

C. 300,000

D. 252,363