Chicklet Corp owns a copyright with a carrying value (i.e. book value) of $63,000. The copyright's fair value is $55,000. Chicklet estimates future undiscounted future cash flows from the copyright are $65,000, and future discounted future cash flows are $56,000. Is the copyright impaired and if so, by how much?

Select one:

Yes, impaired by $7,000

Yes, impaired by $8,000

No, the copyright is NOT impaired

Yes, impaired by $2,000