Jethro Inc. is reviewing its intangible assets for impairment. The accounting team has received the following information on the assets' book value, annual cash flows and fair values: Asset Carrying value Remaining useful life Annual expected Estimated selling cash flows price Patent #1 Patent #2 License $80,000 8 years $8,000 $70,000 $180,000 15 years $15,000 $175,000 $50,000 Indefinite $2,000 $35,000 Selling costs of (IRR) is 5% any intangible asset is expected to be negligible. The company's internal rate of return Required: Test each of the intangible assets for impairment. If the asset is impaired, record impairment. (a) Assuming the company uses ASPE's cost recovery impairment model; and (b) Assuming the company uses IFRS's rational entity impairment model (for the PV of an asset with unlimited life, set n to a very large value like 1000 or the highest value on the annuity table)