Exercise 12-13 At the end of 2017, Sheffield Corporation owns a licence with a remaining life of 11 years and a carrying amount of $514,000. Sheffield expects undiscounted future cash flows from this licence to total $518,600. The with IFRS. licence's fair value is $408,500 and disposal costs are estimated to be nil. The licence's discounted cash flows (that is, value in use) are estimated to be $463,500. Sheffield prepares financial statements in accordance Determine if the licence is impaired at the end of 2017 The licence at the end of 2017 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.) Account Titles and Explanation SHOW LIST OF ACCOUNTS Assume the recoverable amount is calculated to be 433,400 at the end of 2018. Determine if the licence is impaired at the end of 2018. The licence at the end of 2018 Prepare any related entry that is necessary. (Round answer to 0 decimal places, e.g. 5,275. 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 tities and enter 0 for the amounts.) Account Titles and Explanation Credit SHOW LIST OF ACCOUNTS