On January 1, Year 1, Negate Industries issued $1,000,000 of 12%, 20-year bonds. In Year 10, interest rates dropped to 8%. Negate decides to take advantage of the lower interest rates by extinguishing the entire outstanding bond issue and replacing it with new bonds bearing a lower rate. Which section of the authoritative guidance best explains how any gains or losses from this extinguishment should be recognized? Enter your response in the answer fields below. Guidance on correctly structuring your response appears above and below the answer fields. Unless specifically requested, your response should not cite implementation guidance.