At the end of 2020, Pronghorn Corporation owns a licence with a remaining life of 10 years and a carrying amount of $548,000. Pronghorn expects undiscounted future cash flows from this licence to total $552,000. The licences fair value is $443,100 and disposal costs are estimated to be nil. The licences discounted cash flows (that is, value in use) are estimated to be $493,300. Pronghorn prepares financial statements in accordance with ASPE.

Assume the recoverable amount under ASPE (undiscounted future cash flows) is calculated to be $519,900 at the end of 2021. Determine if the licence is impaired at the end of 2021.

The licence is not impairedis impaired at the end of 2021.

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 0 for the amounts.)

Account Titles and Explanation	Debit	Credit