Exercise 14-7 Monty Company sells 0% bonds having a maturity value of $2,100,000 for $1,672,906. The bonds are dated January 1, 2017, and mature January 1, 2022. Interest is payable annually on January 1. x Your answer is incorrect. Try again Determine the effective interest rate. (Round answer to o decimal places, eo. 78%) The effective interest rate Your answer is partially correct. Try again. Set up a schedule of interest expense and discount amortization under the effective interest method. (Round intermediate calculat and final answer to o decimal places, e.g. 38,548.) Schedule of Discount Amortization Effective-Interest Method Cash Interest Discount Carrying Year Paid Expense Amortized Amount of Bonds Jan. 1, 2017 Jan. 1, 2018 189000 Jan. 1, 2019 189000 Jan 1, 2020 189000 Jan. 1, 2021 189000 DOI Jan. 1, 2022 189000 LINK TO TEXT