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Skysong Company sells 10% bonds having a maturity value of $2,550,000 for $2,366,166. The bonds are...

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Accounting

Skysong Company sells 10% bonds having a maturity value of$2,550,000 for $2,366,166. The bonds are dated January 1, 2017, andmature January 1, 2022. Interest is payable annually on January1.

Determine the effective-interest rate. (Round answer to 0decimal places, e.g. 18%.)

Set up a schedule of interest expense and discount amortizationunder the effective-interest method. (Round intermediatecalculations to 6 decimal places, e.g. 1.251247 and final answer to0 decimal places, e.g. 38,548.)

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