The long term liability section of twin digital

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Reference no: EM13603865

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 $20 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 each year. On July 1, 2011, Twin Digital retired the bonds at 102 ($20.4 million) before their scheduled maturity.

1. Prepare the journal entry by Twin Digital to record the redemption of the bonds on July 1, 2011.

Reference no: EM13603865

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