On its December 31, 2014 statement of financial position, Emig Corp. reported bonds payable of $5,680,000. The bonds had a $6,000,000 face value. On January 2, 2015, Emig retired $3,000,000 of the outstanding bonds at par plus a call premium of $70,000. What amount should Emig report in its 2015 income statement as loss on extinguishment of debt (ignore taxes)?

$70,000

$230,000

$0

$160,000