Jones Corp. owns a franchise right for Hungry Joe's, a popular hamburger restaurant chain. The franchise right has an indefinite useful life, was purchased for $450,000 five years ago, and is recorded as an intangible asset. Two years ago, the intangible asset was impaired by $60,000. In the current year, the franchise right was sold for $350,000. A fee of $20,000 for legal and transfer costs was required to be paid on disposition. Jones reports under IFRS. What is the gain or loss on sale of the franchise rights? 

A. $60,000 loss

B. $40,000 loss 

C. $120,000 loss 

D. $100,000 loss

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