I cut the holes out with an old baby bottle (our last vestige of babydom) and after about 20 minutes we had 8 doughnuts and 8 doughnut holes.
I had to draw the line, and we are saving these for later.
Update: Yes indeed, anonymous, these are fried.
Heat up about an inch of oil in a heavy-bottom pan on medium heat until shimmering, but not smoking.
Here the doughnut holes serve a great purpose, you can use them to test the readiness of the oil.
Fry on one side for about 1 1/2 minutes, and then flip and fry for about as long.
Then you transfer the doughnuts to a paper-towel lined cooling rack and sprinkle cinnamon sugar over them.
These are still good when they are cool, but really good when hot and fresh.