Paige Co. took advantage of market conditions to refund debt. This was the fourth refunding operation carried out by Paige within the last three years. The excess of the carrying amount of the old debt over the amount paid to extinguish it should be reported as a

a) loss, net of income taxes. b) gain, net of income taxes. c) deferred credit to be amortized over the life of the new debt. d) part of continuing operations.