1 B Intangibe (V2) Roi Inc. is a private corporation following ASPE. On Jan 1, 2019 they purchased a limited-life license for $100,000. This license has a ten-year life, and is not renewable. Straight line amortization will be used. At December 31, 2020, Roi estimates that the undiscounted net cash flows of this license is $76,000, and the fair value (discounted net future cash flows) of this license is $64,000. 2 3 4 5 Instructions a) Calculate the amount of impairment (if any) for this asset. You must show all of the steps in the impairment process to achieve full marks. (5 marks) b) Prepare the adjusting entry required to reflect the impairment. (2 marks) 6 7 3 Please use the space below to explain each step and show support for your calculations. 3 o 1 2 3 4 5 5 7 3 Please provide your complete journal entry (omit explanation) in the table below. Debit Accounts Credit Date Please provide your complete journal entry (omit explanation) in the table below. Date Accounts Debit Credit