In 2020, Lawrence Landscaping, Inc., (an IFRS reporter) acquired equipment at a cost of $620,000. The current balance of accumulated depreciation is $340,000. The sum of the discounted future cash flows expected from the use of this asset is $290,000 and the asset's current fair value is $250,000 before considering costs of disposal of $5,000. What is the loss on impairment that should be recognized for the current year? A $-0- B $35,000 C $10,000 D $50,000