On its December $31,2024$ balance sheet, Cullumber Corp. reported bonds payable of $$5920000.$ The bonds had been issued at par. On January $2,2025,$ Cullumber retired $$2960000$ of the outstanding bonds at par plus a call premium of $$65000.$ What amount should Cullumber report in its $2025$ income statement as a loss on extinguishment of debt?

$$0$

$$65000$

$$32500$

$$29600$