Hi, please help with question 3.4 Thanks!

Comp-IT (Pty) Ltd incurred the following expenditures during the year ended 31 December 2023. Useful life of the intangible asset is 5 years. On 31 December 2023 the company expected the revenue from the license to decrease as the government gazetted new laws whereby more licenses were released into the market. This was an indication of possible impairment. Management prepared the following cash flow forecasts: The pre-tax discount rate of the company is 14.50% The current gross selling price of the license in the market is R950 000 . The estimated net cost to sell is R82 500 . (C) The Independent Institute of Education (Pty) Ltd 2023 Page 5 of Required: Q.3.1 Calculate the initial cost of the intangible asset as at 1 January 2023. Include in (521) your answer the amounts that are not part of the cost of an intangible asset (show the amounts as -) and state the reason why they are excluded. Q.3.2 Calculate the carrying amount of the intangible asset as at 31 December 2023 . (221) Q.3.3 Calculate the recoverable amount of the intangible asset as at 31 December (14) 2023. Round off the discount factors to four decimal places and final answers to the nearest rand. Q.3.4 Prepare the journal entry to recognise the impairment loss if any. Journal (3) narration is required