Tyrell Company issued callable bonds with a par value of $$44,000.$ The call option requires Tyrell to pay a call premium of $$500$ plus par $($or a total of $$44,500)$ 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.

The bonds have a carrying value of $$34,500.$

The bonds have a carrying value of $$45,000.$

Journal entry worksheet

$1$

$2$

Record the retirement of the bonds assuming the bonds have a carrying value of $$34,500.$

Note: Enter debits before credits.

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