Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the long-term liability section of twin digital co

The long-term liability section of Twin Digital Corporation's balance sheet as of December 31, 2020,...

90.2K

Verified Solution

Question

Accounting

imageimageimage

The long-term liability section of Twin Digital Corporation's balance sheet as of December 31, 2020, included 14% bonds having a face amount of $35 million and a remaining discount of $1 million. Disclosure notes indicate the bonds were issued to yield 16%. 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 ($35.7 million) before their scheduled maturity. Required: 1. & 2. Prepare the necessary journal entries by Twin Digital on July 1, 2021. (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.) Journal entry worksheet

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Please discuss and support with specific examples TWO influence tactics you would use to get your...

Operations Management
Q

For the following MIPS instructions, (1) show its format or type (I-format, R- format, or J-...

Programming
Q

A square footing 1.5m X 1.5m is located at a depth of 1.0m. The soil has...

Civil Engineering
Q

Walsh Company manufactures and sells one product. The following information pertains to each of the company’s...

Accounting
Q

52 A whistle revolves in a circle with angular speed 20 rad s using a...

Physics
Q

A cereal packaging machine can fill 15 ozboxes at a rate of 3 boxes every...

Basic Math
Q

To be able to take her dream vacation Kaitlin decides to save for 3 years...

Algebra
Q

5 Solve the formula P 21 2w for w O A w 2P 21 OB...

Algebra
Q

Use the following information to answer questions 45-47 Skip to question [The following...

Accounting
Q

Paul Mickey operates a small business (employer identification number 34-1231234) located at 981 Nob Hill...

Accounting
Q

Periodic Inventory by Three Methods The units of an item available for sale during the...

Accounting
Q

Refer to Table 10-6 Price quotes are stated in 1/64ths a. How many ExxonMobil October...

Finance