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Herkimer Quiroz Associates acquired $7,590,000 par value, 8%,20-year bonds on their date of issue, January 1 of the current year. (Click the icon to view additional information.) Requirement payments. (Round your intermediary and final answers to the nearest whole dollar. Record debits first, then credits. Exclude explanations from any journal entries.) More info The market rate at the time of issue is 14%, and interest is paid semiannually on June 30 and December 31 . Quiroz 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 $5,197,800. The purchase price of the investment in bonds is has a debit balance of $611,954 at the end of the year of acquisition. Herkimer Quiroz Associates acquired $7,590,000 par value, 8%,20-year bonds on their date of issue, January 1 of the current year. (Click the icon to view additional information.) Requirement payments. (Round your intermediary and final answers to the nearest whole dollar. Record debits first, then credits. Exclude explanations from any journal entries.) More info The market rate at the time of issue is 14%, and interest is paid semiannually on June 30 and December 31 . Quiroz 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 $5,197,800. The purchase price of the investment in bonds is has a debit balance of $611,954 at the end of the year of acquisition