At January 1,2007 a fixed asset had a carrying value of $200,000 based on its revaluation and a depreciated historic cost of $10,000. An impairment loss of $12,000 arose for the year ended 31 December, 2007. How should this loss be reported in the financial statement for the year ended 31 December 2007 ? (6 marks) Extracts from the financial statements are required as part of your response (4 marks)