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Exercise 1010 (Algo) Bond retirement by call option LO P4 Tyrell Company issued callable bonds...

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Exercise 1010 (Algo) Bond retirement by call option LO P4 Tyrell Company issued callable bonds with a par value of $30,000. The call option requires Tyrell to pay a call premium of $500 plus par (ot a total of $30,500 ) to bondholders to retire the bonds. On July 1, Tyrell exercises the call option. The call option is excrcised 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 $24,000, 2. The bonds thave a carrying value of $31,000

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