Over the past two decades, both the

Over the past two decades, both the APB and FASB have considered the various circumstance under which debt should be considered to be extinguished and what, if any , gain or loss should be recognized on that extinguishment since the retirement of bonds is an extinguishment of debt, the resulting accounting principles are applicable here in FASB interest Statement No.76,the FASB concluded that debt with a specific maturity date and fixed interest payments is to be considered extinguished for financial reporting purposes when any of the following occur