Flynt Corporation is issuing $400,000 of 7.5%, 5-year bonds. The bonds are dated and sold on March 1, 20X5. Interest payment dates are March 1 and September 1. The market interest rate is 8% and the bonds are sold for $392,400. The company uses the effective interest-method of amortization. What is the carrying amount of the bonds on December 31, 20X5, assuming all year-end adjusting entries are made?