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Lumоn Industries оbtаined а pаtent оn January 1, 2021, incurring registration costs of $72,000. As of that date, the company estimated the patent's useful life to be eight years, with ten years of legal life. On January 1, 2022, Lumon successfully defended this patent in a lawsuit, incurring $19,600 in legal fees. On January 1, 2023, based on new marketing research, Lumon determined that the fair value of the patent is $66,000 and estimates the (undiscounted) future net cash flows from the patent are $71,000. Based on the information provided, what amount should be recorded (if any) as the impairment loss for the patent on January 1, 2023?
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