Buckley Ltd is a reporting entity in Australia. The company has entitlement to a franchise to sell skiing equipment, which was acquired on 1 July 2018 for $70,000. The franchise has a fixed term of 10 years with an option to renew it continuously with no extra cost. The company's intention has always been that it will continuously renew the franchise. There is no active market for such a franchise. Given fluctuating consumers demand for the skiing equipment that the franchise selis, the company has decided to test impairment for the franchise at the end of every financial year, The recoverable amounts estimated for this franchise are as follows: 30 June 2019 $72,000 $68,000 30 June 2020 $71,000 30 June 2021 Required: a). Calculate the carrying amount of the franchise as at 30 June 2019. Provide reasons and show all calculations. b). Calculate the carrying amount of the franchise as at 30 June 2020. Provide reasons and show all calculations. c). Calculate the carrying amount of the franchise as at 30 June 2021. Provide reasons and show all calculations