At the end of 2023, Sheffield Corporation owns a licence with a remaining life of 10 years and a carrying amount of $548,000 Sheffield expects undiscounted future cash flows from this licence to total $554,000. The licence's fair value is 5443,100 and disposal costs are estimated to be nil The licence's discounted cash flows (that is, value in use) are estimated to be $-488,800. Sheffield prepares financial statements in accordance with ASPE.

Determine if the licence is impaired at the end of 2023.

The licence ______ at the end of 2023

Prepare any related entry thata is necessary.