Tyrell Company issued callable bonds with a par value of $48,000. The call option requires. Tyrelt to pay a cail premium of 5500 plus par (or a total of $48,500 ) to bondholders to retire the bonds. On July 1 , Tyrell exercises the cail option. The call option is exereised 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 549,000 . Journal entry worksheet 2 Record the retirement of the bonds assuming the bonds have a carrying value of $37,500. Notei Enter debits before credits: Tyrell Company issued callable bonds with a par value of $48,000. The call option requires Tyrell to pay a call premiurn of 5500 plus par (or a total of $48,500 ) to bondholders to retire the bonds. On July 1. Tyreli exercisos the call option. The cail option is exercised affer the semiannual interest is paid the day before on June 30 . Record the ontry 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, Journal entry worksheet Record the retirement of the bonds assuming the bonds have a carrying value of $49,000. Note: Enter debits before credits