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Exercise 12-13 At the end of 2017, Concord Corporation owns a licence with a remaining life of 9 years and a carrying amount of $512,000. Concord expects undiscounted future cash flows from this licence to total $517,400. The licence's fair value is $407,600 and disposal costs are estimated to be nil. The licence's discounted cash flows that is, value in use) are estimated to be $457,400. Concord prepares financial statements in accordance with IFRS. Determine if the licence is impaired at the end of 2017. The licence . at the end of 2017 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 for the amounts.) Account Titles and Explanation Debit Credit Assume the recoverable amount is calculated to be $429,500 at the end of 2018. Determine if the licence Is impaired at the end of 2018, The licence at the end of 2018 Prepare any related entry that is necessary. (Round answer to o decimal places, e.g. 5,275. 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.) The licenc at the end of 2017 is not impared is impaired 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 for the amounts.) Account Titles and Explanation Debit Credit Assume the recoverable amount is calculated to be $429,500 at the end of 2018. Determine if the licence is impaired at the end of 2018 The licence at the end of 2018 Prepare any related entry that is necessary. (Round answer to decimal places, c.9. 5,275. 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 cities and enter for the amounts.) Account Titles and Explanation Debit Credit