Pepper Ltd$.($Pepper$)$ owns $75\%$ of Sage Corp. $($Sage$)$ and uses the equity method to account for its investment. Pepper has a $$240,0000$ bond issue outstanding that pays $12\%$ interest annually. Interest payment dates are June $30$ and December $31$ each year. The bonds were originally issued at a discount. The unamortized bond discount is $$20,000.$ The bonds mature on January $1,2033.$ On January $1,2023,$ Sage purchased $$120,000$ par value, $12\%$ bonds for $$100,000.$ Straight line amortization is used to amortize the discount. Both companies have a December $31$ year end. Intercompany bond gains and losses are to be allocated to each company. During $2023,$ Sage earned a net income of $$80,000$ and paid dividends of $$20,000.$ What amount would be shown on Pepper's consolidated balance sheet at December $31,2023$ under bonds payable?

$$110,000$

$$111,000$

$$220,000$

$$112,000$