Three years ago Coran bakery company recognized a brand Tubby cake as intangible assets at it's acquisition cost of $50,000. In accordance with IAS 38. The brand was determined to have a useful life of 10 years. Two years after acquisition the brand was valued by a brad valuation agency at $64,000. One year later after negative press coverage of tubby cakes products the brand fair value fell to $25,000 which of the following is recognized in year 3? 1) An impairment loss in profit or loss of 7000$ 2) A downwards revaluation in other comprehensive income of 31,000$ 3) An impairment loss in profit or loss of 10,000$ 4) An impairment loss in profit or loss of 15,000$