Devon Harris Company sells 8% bonds having a maturity value of $2,853,000 for $2,536,665. The bonds are dated January 1, 2014, and mature January 1, 2019. Interest is payable annually on January 1.
Need Help in Completing Answers as follows:

Determine the effective-interest rate.

The effective-interest rate			%

Set up a schedule of interest expense and discount amortization under the effective-interest method. (Round answers to 0 decimal places, e.g. 38,548.)

Schedule of Discount Amortization Effective-Interest Method
Year		Cash Paid		Interest Expense		Discount Amortized		Carrying Amount of Bonds
Jan. 1, 2014		$		$		$		$
Dec. 31, 2014
Dec. 31, 2015
Dec. 31, 2016
Dec. 31, 2017
Dec. 31, 2018									*

* Difference due to rounding