Accounting Treatment upon Derecognition of Intangible Assets On 1 January 2018, due to the changes in the company's core business, a franchise for yoghurt ice cream is sold to a competitor for RM35,000. The franchise was bought 3 years ago at a purchase price of RM75,000 and, at that time, it was expected to be used for 5 years with no value at the end of time. Cost model was used to account for the franchise. Required: Prepare journal entries to recognize the derecognition