Ortega Company issued five-year, 5% bonds with a face value of $50,000 on January 1, 2010. Interest is paid annually…

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Ortega Company issued five-year, 5% bonds with a face value of $50,000 on January 1, 2010. Interest is paid annually on December 31. The market rate of interest on this date is 8%, and Ortega Company receives proceeds of $44,011 on the bond issuance. Prepare a five-year table to amortize the discount using the effective interest method.

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