Prepare the journal entries by twin digital to record the, Ask an Expert

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The long-term liability section of Twin Digital Corporation's balance sheet as of December 31, 2010, included 12% bonds having a face amount of $16 million and a remaining discount of $0.8 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, 2011, Twin Digital retired the bonds at 102 ($16.32 million) before their scheduled maturity.

Q: Prepare the journal entries by Twin Digital to record the semiannual interest on July 1, 2011, as well as to record the redemption of the bonds on July 1, 2011.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9408876

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