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| In open market transactions, Oak Corp. simultaneously sold its long-term investment in Maple Corp. bonds and purchased its own outstanding bonds. The broker remitted the net cash from the two transactions. Oak’s gain on the purchase of its own bonds exceeded its loss on the sale of Maple’s bonds. Oak should report the A. Effect of its own bond transaction gain in income before extraordinary items, and report the Maple bond transaction as an extraordinary loss. B. Effect of its own bond transaction as an extraordinary gain, and report the Maple bond transaction loss in income before extraordinary items. C. Net effect of the two transactions as an extraordinary gain. D. Effect of its own bond transactions as a gain in income before extraordinary items and report the Maple bond transaction as a loss in income before extraordinary items. |