At the end of 2020, Concord Corporation owns a licence with a carrying amount of $527,000. Concord expects undiscounted future cash flows from this licence to total $532,100. The licence's fair value is $422,000 and disposal costs are estimated to be nil. The licence's discounted cash flows (that is, value in use) are estimated to be $473,200. Concord prepares financial statements in accordance with IFRS. Assume that the licence was granted in perpetuity and has an indefinite life.

Determine if the licence is impaired at the end of 2020.

The licenceis ..........

at the end of 2020

also any related entry that is necessary.

Assume the recoverable amount is calculated to be $444,000 at the end of 2021. Determine if the licence is impaired at the end of 2021.

The licence

is impaired/is not impaired

at the end of 2021.

any related entry that is necessary.