In January 2014 TRX Limited purchased a patent for X1 $100000. At the time of purchase, the patent was valid for 20 years. Due to the nature of the product, however, the patent was estimated to have a useful life of only 10 years. In December 2015 after an in-depth market survey, it was discovered that a new much-improved product had just been launched in the market due to which sales of X1 had dropped drastically the patent was now considered worthless. What is the charge to statement of profit and loss for the year ended 30 Dec 2015?

IAS-36 Applicable