Problem 14-15 Early extinguishment; effective interest [L014-5] The long-term liability section of Twin Digital Corporation's balance sheet as of December 31, 2017, included 10% bonds having a face amount of $50 million and a remaining discount of $1 million. Disclosure notes indicate the bonds were issued to yield 12%. Interest expense is recorded at the effective interest rate and paid on January 1 and July 1 of each year. On July 1, 2018, Twin Digital retired the bonds at 103 ($51.5 million) before their scheduled maturity Required journal entry required" in the first account field. Enter your answers in whole dollar.) 1. & 2. Prepare the necessary journal entries for Twin Digital on July 1, 2018. (If no entry is required for a transaction/event, select "No View No General Journal Debit 2,940,000 Cash 440,000 2 July 01, 2018 Bonds payable 50,000,000 Loss on early extinguishment Cash 51,500,000 K Prex 2 of 2 Next Problem 14-15 Early extinguishment; effective interest [L014-5] The long-term liability section of Twin Digital Corporation's balance sheet as of December 31, 2017, included 10% bonds having a face amount of $50 million and a remaining discount of $1 million. Disclosure notes indicate the bonds were issued to yield 12%. Interest expense is recorded at the effective interest rate and paid on January 1 and July 1 of each year. On July 1, 2018, Twin Digital retired the bonds at 103 ($51.5 million) before their scheduled maturity Required journal entry required" in the first account field. Enter your answers in whole dollar.) 1. & 2. Prepare the necessary journal entries for Twin Digital on July 1, 2018. (If no entry is required for a transaction/event, select "No View No General Journal Debit 2,940,000 Cash 440,000 2 July 01, 2018 Bonds payable 50,000,000 Loss on early extinguishment Cash 51,500,000 K Prex 2 of 2 Next