At the end of 2020, Ayayal Corporation owns a licence with a remaining life of 10 years and a carrying amount of $505,000. Ayayal expects undiscounted future cash flows from this licence to total $509,900. The licence's fair value is $400,600 and disposal costs are estimated to be nil. The licence's discounted cash flows (that is, value in use) are estimated to be $453.100. Ayayal prepares financial statements in accordance with ASPE (a) Your answer is partially correct Determine if the licence is impaired at the end of 2020. The licence is impaired at the end of 2020 Prepare any related entry that is necessary. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Loss on Impairment 51900 Licences 51900