TAY Research Associates reports the following intangible assets on its December 31 balance sheet: Management provided the following information related to intangible assets it obtained during the current year. TAY's cost of capital is 8%. Management estimates the following future cash flows to be generated over the next five years from the use of its intangible assets: Requirement a. Compute the impairment loss (if any) for each intangible asset. Conduct the impairment test indicated for each intangible asset at the end of the year. For each asset. select whether Step 1 of the test is required on the first line. If the test is not required, select "No" on the first line and leave all remaining cells blank in that column, including the "Impairment indicated" cell. Franchise: Due to current market conditions, products sold under the franchise have experienced significant sales declines from possible obsolescence. Patent: TAY is currently involved in litigation that will determine if the company has the exclusive right to sell the patented product. Legal counsel informed TAY that the value of the patent will likely be reduced. Trade name: The company is required to test for Impairment of its indefinite-life intangible assets annually