On July 1, 2005, Taurasi Company exercises a $5,000 call option (plus par value) on its outstanding
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On July 1, 2005, Taurasi Company exercises a $5,000 call option (plus par value) on its outstanding bonds that have a carrying value of $208,000 and par value of $200,000. The company exercises the call option after the semiannual interest is paid on June 30, 2005. Record the entry to retire the bonds.
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