Porter, Inc. issued $400,000, 10-year, 10% bonds for $354,200 on January 1, 2022; the bonds pay interest semiannually on June 30 and December 31. On the date of issuance, the interest rate in the bond market is 12%. For the year ending December 31, 2022 Porter recorded $42,579 as interest expense. What is the carrying value of the bond on December 31, 2022. Round all parts of the problem to the nearest dollar.

Answer choices:

A) $354,200

B) $355,452

C) $356,779

D) $400,000

E) $359,677