The following table was summarized from the 2014 annual report of U.S. Steel:
Long-term debt (in millions):

a. Briefly explain the transactions entered into by U.S. Steel during 2014. Which financial statements were affected?
b. Assuming an interest rate of 5 percent, approximately how much interest expense was recognized in 2014 on the long-term debt?
c. Assume that U.S. Steel paid $2.7 billion to retire the other long-term debt at year-end in 2014. How much gain or loss would U.S. Steel have recognized on the transaction? Where in the financial statements would it be found?

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2013 2014 2037 senior notes 2022 senior notes $ 350 $ 350 400 400 Other 3,258 (54) 2,793 Unamortized discount (45)