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Problem
A company can account for gains or losses from early extinguishment of debt in three ways:
Amortize over remaining life of old debtAmortize over the life of the new debt issue, orRecognize in the period of extinguishment.
Discuss the supporting arguments for each of the three methods of accounting for gains and losses from the early extinguishment of debt. Which of the three methods makes practical sense? State reasons for and support your rationale. Is your preferable method one of the generally accepted methods? If not, why is "your preferred method" not generally accepted?
Expensing the costs of sample display houses in the periods in which the expenditure is made and spreading the costs over more than one period. Discuss the advantages of each method.
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