Exercise 12-14 (Part Level Submission) At the end of 2020, Marigold Corporation owns a licence with a remaining life of 11 years and a carrying amount of $534,000. Marigold expects undiscounted future cash flows from this licence to total $538,500. The licence's fair value is $429,500 and disposal costs are estimated to be nil. The licence's discounted cash flows (that is, value in use) are estimated to be $474,900. Marigold prepares financial statements in accordance with ASPE. (a) Your answer is correct. Determine if the licence is impaired at the end of 2020. The licence is not impaired at the end of 2020. 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 Debit Credit No Entry 0 No Entry 0 SHOW LIST OF ACCOUNTS SHOW SOLUTION LINK TO TEXT LINK TO TEXT (b) Assume the recoverable amount under ASPE (undiscounted future cash flows) is calculated to be $451,000 at the end of 2021. Determine if the licence is impaired at the end of 2021. The licence at the end of 2021. 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 Debit Credit Attempts: 0 of 6 used