Sheephead Company sells land with a book value of $$175,000$ to Drum Corp. in exchange for a $$280,000$ zero$-$interest$-$bearing note payable in $3$ years. The market rate of interest for a transaction of this nature for Drum is $8\%.$ The present value of $1$ at $8\%$ for $3$ years is $\mathrm{.}7938$ and the present value of an ordinary annuity of $1$ at $8\%$ for $3$ years is $2\mathrm{.}5771.$ If the sale occurred on January $1$ and the fiscal year ends on December $31,$ the adjusting journal entry for interest revenue at the end of the first year using the effective$-$interest method $($rounded to the nearest dollar$)$ is

$$11,113.$

$$17,781.$

$$22,400.$

$$14,000.$