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5. On its December 31,2016 balance sheet, Jennifer Jareau Corporation reported bonds payable of $6,000,000 and related unamortized bond discount of $320,000. The bonds had
5. On its December 31,2016 balance sheet, Jennifer Jareau Corporation reported bonds payable of $6,000,000 and related unamortized bond discount of $320,000. The bonds had been issued in 2009. On January 2, 2017, Jennifer retired $3,000,000 (1/2 of the bond issue) of the outstanding bonds for $3,070,000. Required: What amount should Jennifer report in its 2017 income statement as loss on extinguishment of debt ignore taxes)
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