Question: Devon Harris Company sells 9% bonds having a maturity value of $2, 968,000 for $2, 647, 041. The bonds are dated January 1, 2014, and

Devon Harris Company sells 9% bonds having a maturity value of

Devon Harris Company sells 9% bonds having a maturity value of $2, 968,000 for $2, 647, 041. The bonds are dated January 1, 2014, and mature January 1, 2019. Interest is payable annually on January 1. Determine 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.)

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