The long-term liability section of Twin Digital Corporations balance sheet as of December 31, 2015, included 14% bonds having a face amount of $50 million and a remaining discount of $1 million. Disclosure notes indicate the bonds were issued to yield 16%.

Interest expense is recorded at the effective interest rate and paid on January 1 and July 1 of each year. On July 1, 2016, Twin Digital retired the bonds at 103 ($51.5 million) before their scheduled maturity.

The long-term liability section of Twin Digital Corporation's balance sheet as of December 31, 2015, included 14% bonds having a face amount of $50 million and a remaining discount of $1 million. Disclosure notes indicate the bonds were issued to yield 16%. Interest expense is recorded at the effective interest rate and paid on January 1 and July 1 of each year. On July 1, 2016, Twin Digital retired the bonds at 103 ($51.5 million) before their scheduled maturity Required 1. & 2. Prepare the necessary journal entries for Twin Digital on July 1, 2016. (If no entry is required fora transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollar.) View transaction list Journal entry worksheet 2 Record the semiannual interest. Note: Enter debits before credits. Date General Journal Debit Credit July 01, 2016 Record entry Clear entry View general journal