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On January 1, 2014, Giamartino Inc. issues a 3-year, 12% bond with a face value of $100,000 for $97,580, which is priced to yield 13.0%.

On January 1, 2014, Giamartino Inc. issues a 3-year, 12% bond with a face value of $100,000 for $97,580, which is priced to yield 13.0%. The interest payments are due July 1 and January 1 of each year.

What is the carrying value of the bond on June 30, 2014 (exclude accrued interest)?

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