On January $1,$ Novak Inc. issued $$5012000,9\%$ bonds for $$4715000.$ The market rate of interest for these bonds is $10\%.$ Interest is

payable annually on December $31.$ Novak uses the effective$-$interest method of amortizing bond discount. At the end of the first year,

Novak will report a carrying value of the bonds payable of

$$4735420.$

$$4765120.$

$$276580.$

$$4744700.$