Problem 14-15 (Algo) Early extinguishment; effective interest [LO14-5] The long-term llability section of Twin Digital Corporation's balance sheet as of December 31, 2023, Included 10\% bonds having a face amount of $20 million and a remaining discount of $1 million. Disclosure notes indicate the bonds were issued to yleld 12%. 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 101 ( $20.2 million) before their scheduled maturity. Requlred: Note: If no entry Is requlred for a transaction/event, select "No journal entry requlred" In the flrst account fleld. Enter your answers In whole dollers. Journal entry worksheet Problem 14-15 (Algo) Early extinguishment; effective interest [LO14-5] The long-term llability section of Twin Digital Corporation's balance sheet as of December 31,2023 , Included 10% bonds having a face amount of $20 million and a remaining discount of $1 million. Disclosure notes indicate the bonds were 1 ssued to yleld 12%. Interest expense is recorded at the effective interest rate and pald on January 1 and July 1 of each year. On July 1, 2024. Twin Digltal retired the bonds at 101 ( $20.2 million) before their scheduled maturity. Required: 1. \& 2. Prepare the necessary joumal entries by Twin Digital on July 1, 2024 Note: If no entry is required for a transaction/event, select "No Journal entry requlred" In the flrst account fleld. Enter your answers In whole dollars. Journal entry worksheet Record the redemption of the bonds. Notw: Enter debirs before credits