Fillepeel Manufacturing, Inc., an IFRS reporter, has only one plant asset used in production. The asset had a cost of $ 500,000 and was depreciated for two full years since the date of acquisition. This accounting resulted in a total accumulated depreciation of $ 200,000. The firm expects the asset to be productive for an additional three years. The asset’s value in use is $ 223,000 and its fair value less costs to sell is $ 309,000. Information about the company’s products indicates that the asset might be impaired. Should the firm record an impairment loss for the current year? (Provide supporting computations.)