On January $1,$ Year $1,$ Eureka Company issued $$290,000$ of $4-$year, $5\%$ bonds at face value. The annual cash payment for interest is due on January $1$ of each year beginning January $1,$ Year $2.$ Based on this information, what is the total amount of liabilities related to these bonds that will be reported on the balance sheet at December $31.$ Year $1?($Hint: Consider the interest that might be owed to bondholders at December $31,$ Year $1.)$