During 2013, the company was unsuccessful in defending its patent as a plaintiff in a civil infringement case. The result prompted management to properly test for a potential impairment loss. This resulted in a revision of estimated future cash flows from the patent of $1,900 per annum for the next 3 years .Original estimates had a cash flow projection from the patent of $2,000 for the next 5 years. The fair value of the patent as of year-end (as measured by the present value of future cash flows assuming an 8 percent discount rate) is $4,896.calculate the Impairment Loss (if any) under IFRS .Prepare necessary journal entries to reflect a loss if applicable

Intangible Assets: December 31, 2013 From a partial Balance Sheet showing Intangible Assets. Patent 6,000 (Net of $14,000 Accumulated Amortization) Goodwill 10,900 Total intangible assets $16,900