Given the following information about Ultra Inc.s portfolio of investments:

	Cost		Fair Value 12/31/04		2005 Purchases		2005 Sales		Fair Value 12/31/05
Held-to-maturity securities
Security J					$128,000				$130,000
Trading equity securities
Security K	$700,000		$725,000						705,000
Security A	100,000		110,000				$150,000
Available-for-sale equity securities
Security S	400,000		380,000				500,000
Security L	100,000		95,000						102,000

Assume that Security J is a debt security that was purchased at a premium. The premium amortization for 2005 was $3,000. All declines in fair value are considered temporary.

What is the carrying amount of Security K at December 31, 2005?

	$705,000
	$700,000
	$725,000
	$710,000