P10-13 (Algo) Recording the Early Retirement of a Bond Issued at a Premium (with Premium Account) LO10-7 Several years ago, Cyclop Company issued bonds with a face value of $1,700,000 for $10,795,000. As a result of declining interest rates, the company has decided to call the bonds at a call premium of 4 percent over par. The bonds have a current book value of $1,714,000. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Required: Record the retirement of the bonds, using a premium account. View transaction list Journal entry worksheet Record the retirement of the bonds, using a premium account. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal