Gains or Losses from the Early Extinguishment of Debt, If

Multiple Choice

Gains or losses from the early extinguishment of debt, if material, should be:

A) recognized as an extraordinary item in the period of extinguishment.
B) amortized over the remaining original life of the extinguished issue.
C) amortized over the life of the new issue.
D) recognized in income as ordinary gains and losses or as unusual items.