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John Quinn Associates acquired $ 7 , 5 5 0 , 0 0 0 par value, 6 % , 2 0 - year bonds on
John Quinn Associates acquired $ par value, year bonds on their date of issue, January of the current year. The market rate at the time of issue is and interest is paid semiannually on June and December Quinn uses the effective interest rate method to account for this investment. It does not intend to hold the investment until maturity, nor will it actively trade the bonds. The fair value of the bonds at the end of the year of acquisition is $
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