On January 10, Year 1, Wayne, Inc., purchased 5,000 of Jason bonds at $60 par per bond. The purchase is a long-term investment and is appropriately reflected in Wayne's balance sheet in an available-for-sale securities portfolio at December 31, Year 1. The fair value of Wayne's investment in Jason's bonds are as follows:

Fair value
Date Per bond Total
December 15, Year 1 $47 $235,000
December 31, Year 1 46 230,000

On December 15, Year 1, Wayne determined that there had been an other-than-temporary decline in the fair value. What amount should Wayne record as a loss in its income statement for the year ended December 31, Year 1?

a) $0

b) $ 5,000

c) $65,000

d) $70,000