Question 11 (6 Marks) ABC Company is a public company that follows IFRS. As at December 31, 2014 and owns a copyright. The copyrights value in use is $1.850,000 and its selling costs are $100,000. Additional information about the copyright is found below: Cost: S4,300,000 Carrying Amount: $2,150,000 Expected Future net cash flows (undiscounted): $2,000,000 Fair Value: $1,600,000 Assume that ABC Company will continue to use this copyright in the future. As at December 31, 2014 they copyright had an estimated remaining useful life of 10 years Required: (a) Prepare the journal entry (if any) to record the asset's impairment on December 31, 2014 (b) Prepare the amortization expense for 2015 for the copyright (c) The copyrights fair value at December 31, 2015 is $4.4 million. Prepare the journal entry, if any to record the increase in fair value