A&A Company purchased a license for $98,500 on June 1, 2021. The license has a remaining legal life of 12 years, and an estimated useful life of 6 years. The license has no residual value. A&A Company uses the straight-line method of amortization to account for its licenses. A&A Company follows IFRS, and has a year end of November 30. On November 30, 2022, management of A&A Company prepared the following estimates with regard to the license purchased in 2021: Value in use $ 64,968 Fair value 68,300 Costs that would be incurred to sell the license 2,100 Undiscounted future net cash flows 78,400 Required: Calculate the amount of impairment (if any) that A&A Company should record on the license on November 30, 2022. If necessary, prepare the journal entry to record impairment of the license. 15:04