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Question - The long-term liability section of Twin Digital Corporation's balance sheet as of December 31, 2020, 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, 2021, Twin Digital retired the bonds at 102 ($51.0 million) before their scheduled maturity.
Required - Prepare the necessary journal entries by Twin Digital on July 1, 2021.
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