On June 2, 2011, Olsen Inc.purchased a trademark with a cost €4,720,000.The trademark is classified as an indefinite-life intangible asset.At December 31, 2011 and December 31, 2012, the following is available for impairment testing: 
The 2012 income statement will report
A) no Impairment Loss or Recovery of Impairment.
B) Impairment Loss of €40,000.
C) Recovery of Impairment of €40,000.
D) Recovery of Impairment of €100,000.
Correct Answer:
Verified
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