Prepare the journal entry by twin digital

Assignment Help Accounting Basics

Reference no: EM13785035

The long-term liability section of Twin Digital Corporation's balance sheet as of December 31, 2012, included 12% bonds having a face amount of $25 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, 2013, Twin Digital retired the bonds at 104 ($26.0 million) before their scheduled maturity.

Required:

1. Prepare the journal entry by Twin Digital to record the semiannual interest on July 1, 2013

2. Prepare the journal entry by Twin Digital to record the redemption of the bonds on July 1, 2013.

Reference no: EM13785035

Questions Cloud

Write a memo on a state level business dispute : Write a memo on a State (not Federal) level business dispute. Describe as if you were writing a "WHITE PAPER" FOR YOUR BOSS WHO WANTS TO KNOW HOW A CASE LIKE THE ONE YOU HAVE CHOSEN WOULD BE PROCESSED THROUGHOUT THE VARIOUS LEGAL PHASES IN A STATE..

What are the most regressive and progressive states : What are the most regressive and progressive states? What are the most regressive and progressive state and local taxes? How does Massachusetts stack up compared..

Write a memo explaining what the regression means : Write a memo explaining what the regression means. If the average water hardness is 3 and the chief would like to replace any pump with a probability of failing of .80 or more, at what age should pumps be replaced?

Accrediting body for professional counseling : When there is a discussion of "theory" as related to judgments of right and wrong the discussion is probably one of:

Prepare the journal entry by twin digital : Prepare the journal entry by Twin Digital to record the semiannual interest on July 1, 2013 Prepare the journal entry by Twin Digital to record the redemption of the bonds on July 1, 2013.

Assignment on analyze training needs : Normal 0 false false false EN-US X-NONE X-NONE Analyze Training Needs

Problems related to data collection methods : Is the following alternative hypothesis set for a two-tailed or a one-tailed test? What would be the null hypotheses?

Explain why you would use the approach described in article : Explain why you would use the approach described in the article regarding early childhood assessment and intervention that integrates a focus on environmental or contextual variables.

User Account

All Pages