ww Garcia Company acquired $3,510,000 face value, 9% bonds as an available for sale investment on January 1 of the current year when the market rate of interest was 1196. Interest is paid annually each December 31. Garcia purchased the bonds, which mature in 12 years, for $3,054,237. Garcia amortizes the discount using the effective interest rate method. The fair value of the bonds at the end of the year is $3,014,000. 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. Check your spelling carefully and do not abbreviate. Do not use hyphens or dashes in any account names.) Prepare the journal entry required on the date of acquisition Account January 1 Prepare the journal entries required at the end of the first year after acquisition Begin by recording the interest on December 31. (Round your answers to the nearest whole dollar.) Account December 31 Enter any number in the edit fields and then continue to the next