On December 31, an entity analyzed a finite life trademark with a net carrying value of $750,000 for impairment. The entity determined the following:
Fair value (less costs to sell)……………………………… $ 700,000
Present value of future cash flows……………………….. 710,000
What is the impairment loss that will be reported on the December 31 income statement under IFRS?
a. $ 0
b. $ 10,000
c. $ 40,000
d. $ 50,000