The long-term liability section of twin digital corporation’s balance sheet as of december 31, 2017, included 12% bonds having a face amount of $30 million and a remaining discount of $1 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, 2018, twin digital retired the bonds at 102 ($30.6 million) before their scheduled maturity. required: 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 journal entry required" in the first account field. enter your answers in whole dollar.)
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The long-term liability section of twin digital corporation’s balance sheet as of december 31, 2017,...
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