rse E 16-2 (similar to) Question Help 2 (Click the icon to view the Present Value of $1 table) pter Nickle Quinnan Associates acquired $7.520.000 par value, 4%, 20-year bonds on leos their date of issue, January 1 of the current year. The market rate at the time of issue is 18% and interest is paid semiannually on June 30 and December 31 sign Quinnan uses the effective interest rate method to account for this investment Quinnan 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 $5,197.900 (Click the icon to view the Future Value of $1 table.) (Click the icon to view the Future Value of an Ordinary Annuity table) (Click the icon to view the Future Value of an Annuity Due table) Click the icon to view the Present Value of an Ordinary Annuity table.) Click the icon to view the Present Value of an Annuity Due table) esul Read the requirements ears Requirement a. Determine the purchase price of the investment in bonds (Use the present value and future value tables, a financial calculator, or a spreadsheet for your calculations of using present and future value tables or the formula method, use factor amounts rounded to five decimal places XXXXXX Round your final answers to the nearest whole dollar) Multim The purchase price of the investment in bonds is S Study PI Ordinary le of the i Requirements k the icon te Annuity Du the purch resent and le dollar a. Determine the purchase price of the investment in bonds. b. Prepare the journal entry to record the acquisition of the bond investment. c. Prepare the journal entries to record the interest income for the first year. d. Prepare the journal entry required to adjust the investment's carrying amount to fair value at year end, if necessary jal calculator s. X.XXXXX nvestmen Print Done