The following information is related to an asset: Carrying Amount =$40,000 Selling Price =$50,000 Cost of removing the asset =$12,000 Estimated future cash flow =$45,000 Present value of estimated future cash flow =$36,000 Answer the questions 14-18 based on the above information: 14. The IFRS asset's recoverable amount is equal: a. $50,000. b. 536,000 . c. $38,000. d. $45,000. 15. The GAAP asset's recoverable amount is equal: a. $50,000. b. $36,000. c. $38,000. d. $45,000. 16. Impairment loss or gain to be recognized under IFRS related to this asset is equal: a. $2,000 gain. b. $2,000 loss. c. $5,000 gain. d. $5,000 loss. 17. Impairment loss or gain to be recognized under GAAP related to this asset is equal: a. $2,000 gain. b. $2,000 loss. c. $5,000 gain. d. None of the above. 18. In the case of increasing the recoverable amount in the new year. GAAP allow the reversal of the impairment loss. a. true. b. false