When the proceeds of a new debt instrument are used to call an old debt instrument, any gain or loss on the early extinguishment of debt should be A. Reported in the income statement as an extraordinary item in the period of refinancing. B. Reported in the income statement as a component of income from continuing operations unless it meets the criteria for treatment as a component of discontinued operations in the period of refinancing. C. Reported as an item of other comprehensive income. D. Amortized over what would have been the life of the old debt.