Assume that Blossom Inc., follows IFRS and uses the rational entity model. Calculate the carrying amount and recoverable amount. (Round answers to o decimal places, eg. 5,275.) Carrying amount of the licensing agreement Recoverable amount $ Is there an impairment loss? If yes, how much is the amount? (Round answer to O decimal places, eg. 5,275.) $ Blossom Inc. purchased a non-renewable licensing agreement for access to proprietary technology that allows it to produce bio-char from organic waste. When the 10-year licensing agreement was purchased 6 years ago there were no other companies operating in the space. However, numerous competitors have emerged in the industry as direct competitors to Blossom Inc. As a result of recent market entrants, the market demand for its bio-char products has been steadily declining. The company has the following information available related to the licensing agreement: Licensing agreement at Cost $124,500 Estimated Useful Life 10 years Residual Value $0 Blossom Inc. is currently testing this asset for impairment. While the licensing agreement could currently be sold for $39,800, Blossom Inc. plans to keep producing the bio-char two more years. It expects net cash flows from production to be $20,900 yearly and that it can sell the licensing agreement for $7,400 at the end of year two. The current interest rate is 5%