Assume that Bryce Enterprises's radio broadcast license is renewable at the end of each 10-year term and management has provided evidence that approval of the renewal is highly probable. In this case, the broadcast license qualifies as an indefinite-life intangible asset and is not subject to amortization. Therefore, the firm carries the broadcast license at its original cost of $788,000 ikk e co (Click the icon to view the additional information.) Assuming that renewal of the broadcast license is probable for this indefinite-life intangible asset, analyze the accounting for impaiment and prepare the journal entries. Conduct the impairment test indicated for indefinite-life intangible asset at the end of the year and determine the impairment loss, if any. (If you selected "No" that an mpairment loss is not indicated, then leave the impairment loss input cell blank. Show a loss with a parentheses or minus sign.) Indefinite-life Step 1: Intangible Asset Impairment Indicated Step 2: mpairment Loss, if any Next, prepare the ouma entry required to record any impairment loss. Record debits rs hen credits. Exclude explanations from any ou al entres required select"No Entry Required on the first line of the journal entry table and leave all remaining cells in the table blank) no er s Account December 31, 2015 Click the icon to view the additional information.) On December 31, 2015, the company noted substantial declines in radio advertising revenues over the past year due to expanded satellite radio subscriptions, Internet broadcasts, and the use of iPod players. Based on the required annual review and consideration of the available impairment indicators management believes that it is more likely than not that the broadcast license may be impaired. Therefore, the company must test the broadcast license for impairment. Similar broadcast licenses have been sold in auctions for $673,000