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On July 1, 2015, Advocate Company exercises a $5,600 call option (plus par value) on...

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Accounting

On July 1, 2015, Advocate Company exercises a $5,600 call option (plus par value) on its outstanding bonds that have a carrying value of $288,000 and par value of $280,000. The company exercises the call option after the semiannual interest is paid on June 30, 2015.

Record the entry to retire the bonds.

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