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On July 1, 2017, Advocate Company exercises an $7,200 call option (plus par value) on its outstanding bonds that have a carrying value of $371,000

On July 1, 2017, Advocate Company exercises an $7,200 call option (plus par value) on its outstanding bonds that have a carrying value of $371,000 and par value of $360,000. The company exercises the call option after the semiannual interest is paid on June 30, 2017. Record the entry to retire the bonds.

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