Carrot Company purchased $500,000 of 11% bonds of Cake Company on January 1, 2020, paying $476,763. The bonds mature December 31, 2026, and interest is payable semi-annually on June 30 and December 31. The discount of $23,237 provides an effective yield of 12%. Patent uses the effective-interest method and plans to hold these bonds to maturity. At December 31, 2020, the carrying value of the investment account is $479,041 and the fair value is $503,125. What value for this investment should be reported on Carrot's December 31, 2020 balance sheet?