Bonita Company sells 8% bonds having a maturity value of $2,510,000 for $2,319,700. The bonds are dated January 1, 2020, and mature January 1, 2025. Interest is payable annually on January 1. (a) Your answer is correct. Determine the effective interest rate. (Round answer to 0 decimal places, e.g. 18%.) The effective interest rate 10 % e Textbook and Media Attempts: unlimited (b) Set up a schedule of interest expense and discount amortization under the effective-interest method. (Round intermediate calculations to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 38,548.) Schedule of Discount Amortization Effective-Interest Method Interest Payable Interest Expense Discount Amortized Carrying Amount of Bonc Year Jan. 1, 2020 $ $ $ $ Dec. 31, 2020 Dec. 31, 2021 Dec. 31. 2022 Dec. 31, 2023 Dec. 31, 2024