Step 1: Apply Bernoulli's equation.
For steady incompressible flow in a horizontal pipe,
\[
P_1+\frac12\rho V_1^2
=
P_2+\frac12\rho V_2^2.
\]
Since the pipe is horizontal,
\[
z_1=z_2.
\]
Step 2: Substitute the given values.
Given,
\[
P_1=300\ \text{kPa}=300000\ \text{Pa},
\]
\[
V_1=2\ \text{m/s},
\]
\[
V_2=4\ \text{m/s},
\]
\[
\rho=1000\ \text{kg/m}^3.
\]
Hence,
\[
P_2
=
300000
+
\frac12(1000)(2^2-4^2).
\]
\[
=
300000
+
500(4-16).
\]
\[
=
300000
-6000.
\]
\[
=
294000\ \text{Pa}.
\]
Therefore,
\[
P_2
=
294\ \text{kPa}.
\]
Hence,
\[
\boxed{294\ \text{kPa}}
\]
is the correct answer.
Thus,
\[
\boxed{(B)}
\]
is the correct answer.