The gain or loss on the extinguishment of debt is usually categorized on the income statement as part of continuing operations.

Name: The gain or loss on the extinguishment of debt is usually categorized on the income statement as part of continuing operations.
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The gain or loss on the extinguishment of debt is considered an operating activity and is thus classified as part of continuing operations on the income statement.

The Gain or Loss on the Extinguishment of Debt Is