Exercise 14-7 Devon Harris Company sells 10% bonds having a maturity value of $2,682,000 for $2,582,873. The bonds are dated January 1, 2014, and mature January 1, 2019. Interest is payable annually on January 1. Determine the effective-interest rate. The effective-interest rate % LINK TO TEXT 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