Ex 10: Section 4.3.1. Cost model \& revaluation model- skill: basic -Active Asset Inc. owns a freely transferable taxi operator's license, which it acquired on January 1,20X1, at an initial cost of $10,000. The useful life of the license is five years (based on the date it is valid for). The entity uses the straight-line method to amortize the intangible. Such licenses are frequently traded either between existing operators or with aspiring operators. At the balance sheet date, on December 31, 20X2, due to a government-permitted increase in fixed taxi fares, the traded values of such a license was $12,000. The accumulated amortization on December 31 , 202, amounted to $4,000. -Required Pass Journals