On January 1, Year 1, Chertco acquired an intangible asset for $500,000 and properly began amortizing it using the straight-line method over its estimated useful life of 10 years. The asset has no residual value. At December 31, Year 3, a significant change in the business climate caused Chertco to assess the recoverability of the carrying amount of the intangible esset. Chenco estimated that the undiscounted future net cash flows from the intangible asset would be $325,000 and that its fair value was $275,000. Chertco must apply the principles of accounting for the impairment of long-lived assets. Accordingly, for the year ended December 31, Year 3, Chertco should recognize an impairment loss of: Multiple Choce $25,000 $50,000 $75,000 $0 None of the above