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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 $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 semi annual interest on July 1, 2011.
2. Prepare the journal entry by Twin Digital to record the redemption of the bonds on July 1, 2011.
At the end of the current year, Accounts Receivable has a balanced of $800,000; Allowance for Doubtful accounts has a debit balance if $2000; and Net Sales for the year total $2,200,000. Bad debt expense is estimated at 1/2 of 1% of net sales. Pre..
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