Question 3 At the end of 2017, Flint Corporation owns a licence with a carrying amount of $541,000. Flint expects undiscounted future cash flows from this licence to total $546,300. The licence's fair value is $435,600 and disposal costs are estimated to be nil. The licence's discounted cash flows (that is, value in use) are estimated to be $489,700. Assume that the licence was granted in perpetuity and has an indefinite life, and that Flint prepares financial statements in accordance with ASPE. Assume that the licence was granted in perpetuity and has an indefinite life. 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 o for the amounts.) Account Titles and Explanation Debit Credit Assume the recoverable amount is calculated to be $460,300 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. (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.) Account Titles and Explanation Debit Credit