On January 1, Concord Corporation issued $5700000, 9% bonds for $5395000. The market rate of interest for these bonds is 10%. Interest is payable annually on December 31. Concord uses the effective-interest method of amortizing bond discount. At the end of the first year,

Concord should report unamortized bond discount of

$278500.

$251050.

$248000.

$267500