Question $9$

On January $1,2015,$ Company A paid $$350,000$ in cash to acquire all the outstanding shares of common stock of Company B$.$ According to the acquisition contract, Company A would provide an additional payment of $$100,000$ on $2/2/2019,$ if the $2015$ revenue of Company B is greater than $$1$ million. On the acquisition date, the fair value of the contingent consideration was $$70,000.$ In $2015,$ Company B reported revenue of $$1\mathrm{.}5$ million. What amount of gain or loss in respect to the contingent consideration, if any, was recognized in $2016$ consolidated income statement reported by Company A$?$