Crellerin Ltd. has a trademark with a carrying value of $100,500 that has an expected life of fifteen years. At December 31, 2020 year-end, an evaluation of the trademark was completed. The following estimates follow:

Fair value $ 55,000 Fair value less costs to sell $ 50,000 Value in use $115,000 Undiscounted cash flows $152,000 Required:

a. Determine if the trademark is impaired as at December 31, 2020, if Crellerin follows ASPE and indicators of an impairment exist.

b. Determine if the trademark is impaired as at December 31, 2020, if Crellerin follows IFRS and trademark has been assessed for positive conditions of impairment.

c. How would the answers to part

(a) and

(b) change if the trademark had an unlimited expected life?