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On January 1, Year 1, Jones Company issued bonds with a $280,000 face value, a...

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Accounting

On January 1, Year 1, Jones Company issued bonds with a $280,000 face value, a stated rate of interest of 8.5%, and a 5-year term to maturity. The bonds were issued at 98. Interest is payable in cash on December 31st of each year. The company amortizes bond discounts and premiums using the straight-line method.

What is the total amount of liabilities shown on Jones' balance sheet at December 31, Year 2?

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