A company owns a patent for which it paid $80 million. At the end of 2024 , it had accumulated amortization on the patent of $19 million. Due to adverse economic conditions, the company's management determined that it should assess whether an impairment loss should be recognized for the patent. The estimated undiscounted future cash flows to be provided by the patent total $41 million, and the patent's fair value at that point is $34 million. Under these circumstances, the company would report: Multiple Choice no impairment loss on the patent. a $7 million impairment loss on the patent. a $27 million impairment loss on the patent. a $46 million impairment loss on the patent