IAS 36 Impairment of Assets (Property, Plant and Equipment and Intangible- Finite Life) XYZ Co. provided the following information with respect to its tangible assets on December 31,2015 Property, Plant and Equipment (Cash Generaling Unit) Radio Broadcast License Net Bosk Value$307,000 Book Value XYZ acquired a 10 year patent on July 1, 2012 for $780,000 XYZ used the straight-line method of amortization with no residual value. XYZ acquired the property, plant and equipment on January 1, 2013, for $4,200,000 with useful life of 6 years and no residual value. XYZ used the straight-line method depreciation During the 2015, management reviewed several events and circumstances. 1. XYZ uses the plant and equipment to manufacture products that have experienced significant declines in sales. Management expects that the demand for these products will continue to decline for the foreseeable future, resulting in a decline in the value of the company's plant assets. and the use of iPod players have caused past year 2. Expanded satellite radio subscriptions, Internet broadcast, radio advertising revenues to decline substantially over the Other Information: Future Cash Flows occurring at end of each year Year Property, Plant and Equipment License Broadcast License 185,000 115.000 100,000 80,000 40,000 20,000 2016 2017 019 021 380,000 2022 Property, Plant and Equipment License Broadcast License Net Selling Price Future Cash Flows discounted at 5% Fair Value $1.100,000 $478,96 1.262,495 $1.200,000 Questions: 1. Do these events constitute impairment indicators at December 31, 2015? 2. Determine the amount of impairment, if any