A friend is holding 50,000 shares of IBM and short position of 50
calls over IBM shares struck at $29.50 that expire in two months.  IBM
shares is currently trading at $32.00 , and the 29.50 puts are trading
at 0.20.
(assumed that each IBM option = 1000 shares).

A friend come to work and finds that the counter party has exercised
the $29.50 call against him.  althought two months remain to the
expiration date.  Interest rate is at 5.25% and IBM shares is not
expected to pay dividends over the next two month.
Questions
1.  Would my friend be pleased with being assigned on these call? why or why not.
2.  Explain the change to the trader's profit or loss from yesterday
to today, having being assigned on the calls.  Include detailed
calculation

Your friend will be unhappy.

He will have to sell all his belongings to cover the 50K X $2.50 he just lost.

This sounds like a homework question....