On its December 31, Year 1 balance sheet, Nilo Corp. reported bonds payable of $8,000,000 face less related unamortized bond issuance costs of $430,000 under U.S. GAAP. The bonds had been issued at par. On January 2, Year 2, Nilo retired $4,000,000 of the outstanding bonds at par plus a call premium of $100,000. This transaction is material to Nilo and is also considered to be an unusual and infrequent event. Ignoring income taxes, what amount should Nilo report in its Year 2 income statement as loss on extinguishment of debt?
$0
B. $100,000
C. $215,000
D. $315,000