Sage Company sells 8% bonds having a maturity value of $2,000,000 for $1,848,366. The bonds are dated January 1, 2020, and mature January 1, 2025. Interest is payable annually on January 1. Determine the effective-interest rate. (Round answer to decimal places, eg. 18%.) The effective-interest rate % eTextbook and Media Set up a schedule of interest expense and discount amortization under the effective-interest method. (Round intermediate calculations to 5 decimal places, eg. 1.25124 and final answer to decimal places, eg. 38,548.) Schedule of Discount Amortization Effective Interest Method Interest Interest Carrying Discount Year Payable Expense Amortized Amount of Bonds $ $ $ $ Jan. 1, 2020 Dec. 31 2020 Dec. 31, 2021 Dec 31 2022 Dec. 31 2023 Dec. 31. 2024