The long-term liability section of Twin Digital Corporation's balance.docx
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20 de Feb de 2023•0 gostou•8 visualizações
The long-term liability section of Twin Digital Corporation's balance.docx
20 de Feb de 2023•0 gostou•8 visualizações
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The long-term liability section of Twin Digital Corporation's balance sheet as of December 31,2023 , included 12% bonds having a face amount of $50 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 1,2024 , Twin Digital retired the bonds at 102 (\$51.0 million) before their scheduled maturity. Required: 1. \& 2. Prepare the necessary journal entries by Twin Digital on July 1, 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars. .
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The long-term liability section of Twin Digital Corporation's balance.docx
- 1. The long-term liability section of Twin Digital Corporation's balance sheet as of December 31,2023 , included 12% bonds having a face amount of $50 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 1,2024 , Twin Digital retired the bonds at 102 ($51.0 million) before their scheduled maturity. Required: 1. & 2. Prepare the necessary journal entries by Twin Digital on July 1, 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.