Question: On July 1, 2011, Jackson Company exercises a $5,000 call option (plus par value) on its outstanding bonds that have a carrying value of $208,000

On July 1, 2011, Jackson Company exercises a $5,000 call option (plus on its outstanding bonds that have a carrying value of $208,000 and of $200,000. The company exercises the call option after the semiannual interest is paid on June 30, 2011. Record the entry to retire the bonds.

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