Warner Company acquired $3,514,000 face value, 9% bonds as an available-for-sale investment on January 1 of the current year when the market rate of interest was 11%. Interest is paid annually each December 31. Warner purchased the bonds, which mature in 12 years, for $3,057,717. Warner amortizes the discount using the effective interest rate method. The fair value of the bonds at the end of the year is $3,011,000. Prepare the journal entries required on the date of acquisition and at the end of the first year after acquisition. (Record debits first, then credits. Exclude explanations from any journal entries.) Prepare the journal entry required on the date of acquisition. Account Available-for-Sale Debt Investments Cash January 1 3514000 3514000