48) Three years ago Corcoran Bakery Company recognized the brand 'Tubbycakes' as an intangible asset at its acquisition cost of $50,000 in accordance with IAS 38. The brand was determined to have a useful life of 10 years. Two years after the acquisition the brand was valued by a brand valuation agency at $64,000. One year later, after negative press coverage of Tubbycakes products, the brand's fair value fell to $25,000. Which of the following is recognised in year 3? income of $31,000 D. An impairment loss in profit or loss of $15,000