On 3-1-2015, Gardner Corporation issued $200,000 (face value) of 10% bonds payable (i.e., the stated rate is 10%) for $234,584.

Each bond has a face value of $1,000. The bonds are dated 3-1-2015 and mature 2-28-2030. Interest is paid semiannually on 8-31 and 2-28.

The market rate of interest on similar bonds was 8% at the time of issue (i.e., 3-1-2015).

You may want to prepare an amortization schedule, as of the time of issue, for the first couple periods.

What will be the book value of the bonds payable reported as a long-term liability on the 12-31-2015 balance sheet by Gardner?