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On January 1 , Year 1 , Sheffield Co . issued bonds with a face value of $ 2 6 0 , 0 0 0

On January $1,$ Year $1,$ Sheffield Co $.$ issued bonds with a face value of $ $260, 000,$ a term of ten years, and a stated interest rate of $5 % .$ The bonds were issued at $104,$ and interest is payable each December $31 .$ Sheffield uses the straight $-$ line method to amortize bond discounts and premiums. What is the carrying value of the bonds at December $31,$ Year $4 ?$

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