单选题 Which of the following statements concerning early debt retirement is least accurate? A. When debt is retired prior to maturity at its book value, no gain or loss is reported on the transaction. B. Under U. S. GAAP, an accounting gain or loss will usually be recorded for in substance defeasance. C. If a firm retires non-callable debt because interest rates have changed, there is usually no economic gain on the transaction.

【正确答案】 B

【答案解析】Under U. S. GAAP, there is no accounting gain or loss recorded for pre-refunding via defeasance. Losses or gains are only recorded if the debt is actually terminated. When callable debt is called, the call price is ordinarily above par value. Since most debt is issued at par, there is usually an accounting loss, but an economic gain on the transaction. There are usually no economic gains or losses resulting from the retirement of non-callable debt because interest rates have changed. There is no gain or loss on any debt retired at its book value.