At the end of 2023, Grouper Corporation owns a licence with a remaining life of 10 years and a carrying amount of $530,000. Grouper expects undiscounted future cash flows from this licence to total $535,700. The licences fair value is $425,800 and disposal costs are estimated to be nil. The licences discounted cash flows (that is, value in use) are estimated to be $471,100. Grouper prepares financial statements in accordance with IFRS.

At the end of 2023, Grouper Corporation owns a licence with a remaining life of 10 years and a carrying amount of $530,000. Grouper expects undiscounted future cash flows from this licence to total $535,700. The licence's fair value is $425,800 and disposal costs are estimated to be nil. The licence's discounted cash flows (that is, value in use) are estimated to be $471,100. Grouper prepares financial statements in accordance with IFRS. (a) Determine if the licence is impaired at the end of 2023. The licence at the end of 2023. 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 O for the amounts. List debit entry before credit entry.) Assume the recoverable amount is calculated to be $448,700 at the end of 2024 . Determine if the licence is impaired at the end of 2024. The licence at the end of 2024. 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 O for the amounts. List debit entry before credit entry.)