On January 1, 2014, Crown Company sold property to Leary Company. There was no established exchange price for the property, and Leary gave Crown a $400,000 zero-interest-bearing note payable, promising 5 equal annual installments of $80,000, with the first payment due December 31, 2014. The prevailing rate of interest for a note of this type is 9%. What is the carrying value of the notes payable at 12/31/14, after the first payment is made (assuming that the effective-interest method is used)?