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The long-term liability section of Twin Digital Corporation's balance sheet as of December 31, 2015, included 8% bonds having a face amount of $30 million
The long-term liability section of Twin Digital Corporation's balance sheet as of December 31, 2015, included 8% bonds having a face amount of $30 million and a remaining discount of $1 million. Disclosure notes indicate the bonds were issued to yield 10%. 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 101 ($30.3 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 for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollar.) view transaction list view general journal Journal Entry Worksheet 12 Record the semiannual interest. Debit Date General Journal Credit July 01, 2016 *Enter debits before credits done clear entry record entry
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