please explain

Pharoah Company sells land with a book value of $187500 to Shamrock Corp. in exchange for a $300000 zero-interest-bearing note payable in 3 years. The market rate of interest for a transaction of this nature for Shamrock is 8%. The present value of 1 at 8% for 3 years is 0.7938 and the present value of an ordinary annuity of 1 at 8% for 3 years is 2.5771. If the sale occurred on January 1 and the fiscal year ends on December 31 , to which of the following is the amount of the adjusting journal entry amount for interest revenue at the end of the first year using the effective-interest method closest? $11907.$24000$15000.$19051