On June 30, 2013, Carls Cleaning Service (Carls) obtained a loan from Federal Way Bank (FWB) for $1 million with interest of $15,000 due quarterly. The loan principal is due June 30, 2016. The loan is secured by Carls fleet of vans with a fair value of $1 million as of June 30, 2013. Immediately after making the third quarter payment of interest in 2014, Carls notified FWB that it was in financial hardship and would not be able to make any future payments on the loan. The fair value of the loan at this time was determined to be the fair value of the secured collateral of $750,000. How would this impairment be recorded by Carls and FWB using US GAAP and IFRS?