Determine the effective interest rate

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Reference no: EM131223033

1. Devon Harris Company sells 10% bonds having a maturity value of $2,021,000 for $1,875,302. The bonds are dated January 1, 2014, and mature January 1, 2019. Interest is payable annually on January 1.

Set up a schedule of interest expense and discount amortization under the straight-line method.

2. Devon Harris Company sells 10% bonds having a maturity value of $2,741,000 for $2,543,396. The bonds are dated January 1, 2014, and mature January 1, 2019. Interest is payable annually on January 1.

Determine the effective interest rate:

Reference no: EM131223033

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