On January 1, 20x1, Pitchfork Company issued a $750,000, 6%, 5-year bond for $690,109 and incurred debt issuance costs of $20,000. The bond pays interest annually every December 31st. At of the date of issuance, the market rate was 8% APR. The adjusted market rate is 8.70%. What is the carrying value of the bond at December 31, 20x1, after the first interest payment has been recorded? The company amortizes the discount and debt issuance costs using the effective interest method. $683,408 $700,317 $679,900 O $678,718