look ent Prant ences Tyrell Company issued callable bonds with a par value of $48,000. The call option requires Tyrell to pay a call premium of $500 plus par (or a total of $48,500) to bondholders to retire the bonds. On July 1, Tyrell exercises the call option. The call option' is exercised after the semiannual interest is paid the day before on June 30. Record the entry to retire the bonds under each separate situation. 1. The bonds have a carrying value of $37,500. 2. The bonds have a carrying value of $49,000. View transaction list Journal entry worksheet 2 Record the retirement of the bonds assuming the bonds have a carrying value of $37,500. Note: Enter debits before credits.. Date General Journal Debit Credit July 011 37,500 Bonds payable 37,500