Exercise 12-18 The following information is for a copyright owned by Sheffield Corp., a publicly accountable entity, at December 31, 2017. Sheffield Corp. applies IFRS Cost Carrying amount Expected future net cash flows (undiscounted) 2,013,000 Fair value $4,329,000 2,159,000 1,501,000 Assume that Sheffield Corp. will continue to use this copyright in the future. As at December 31, 2017, the copyright is estimated to have a remaining useful life of 10 years. The copyright's value in use is $1,865,000 and its selling costs are $123,000 Exercise 12-18 The following information is for a copyright owned by Sheffield Corp., a publicly accountable entity, at December 31, 2017. Sheffield Corp. applies IFRS Cost Carrying amount Expected future net cash flows (undiscounted) 2,013,000 Fair value $4,329,000 2,159,000 1,501,000 Assume that Sheffield Corp. will continue to use this copyright in the future. As at December 31, 2017, the copyright is estimated to have a remaining useful life of 10 years. The copyright's value in use is $1,865,000 and its selling costs are $123,000