The board of directors of Belmont, LLC, authorized the issuance of $600,000 face value, 20-year, 5 percent bonds, dated March 1, 2016, and maturing on March 1, 2036. Interest is payable semiannually on September 1 and March 1.

DATE	TRANSACTIONS FOR 2016
Jun. 1	Issued bonds with a face value of $390,000 at 97.63 plus accrued interest from March 1. (When bonds are issued between interest payment dates, the accrued interest is paid to the corporation by the purchaser. Credit Bond Interest Expense.)
Sept. 1	Paid the semiannual bond interest and amortized the discount for three months. (Make two entries. Use the straight-line method to compute the amortization.)
Dec. 31	Recorded an adjusting entry to accrue the interest and to amortize the discount. (Make one entry.)
31	Closed the Bond Interest Expense account to the Income Summary account.

DATE	TRANSACTIONS FOR 2017
Jan. 1	Reversed the adjusting entry made on December 31, 2016.
Mar. 1	Paid the semiannual bond interest and amortized the discount on the outstanding bonds.

1.	Record the following transactions in general journal form.

Issued bonds with a face value of $390,000 at 97.63 plus accrued interest from March 1.

Record the payment of semiannual bond interest for the bond issued on June 1.

Record the amortization of the discount for the bond issued on June 1.

Recorded an adjusting entry to accrue the interest and to amortize the discount.

Closed the Bond Interest Expense account to the Income Summary account.

Reversed the adjusting entry made on December 31, 2016.

Paid the semiannual bond interest and amortized the discount on the outstanding bonds.

Analyze:

What is the balance of the Discount on Bonds Payable account on December 31, 2016?