Problem 14-15 (Algo) Early extinguishment; effective interest [LO14-5] The long-term liability section of Twin Digital Corporation's balance sheet as of December 31, 2023, included 12% bonds having a face amount of $50 million and a remaining discount of $1 million. Disclosure notes indicate the bonds were issued to yield 14%. Interest expense is recorded at the effective interest rate and paid on January 1 and July 1 of each year. On July 1, 2024, Twin Digital retired the bonds at 102 ($51.0 million) before their scheduled maturity. Required: 1. & 2. Prepare the necessary journal entries by Twin Digital on July 1, 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars. View transaction list View journal entry worksheet No Date General Journal 1 July 01, 2024 Interest expense 2 July 01, 2024 Discount on bonds payable Cash Bonds payable Loss on early extinguishment Discount on bonds payable Cash Debit Credit 3,430,000 430,000 3,000,000 50,000,000 570,000 570,000 51,000,000