Question 3 of 5 0.86/4 III At the end of 2020, Bridgeport Corporation owns a licence with a remaining life of 10 years and a carrying amount of $540,000. Bridgeport expects undiscounted future cash flows from this licence to total $544,600. The licence's fair value is $135,500 and disposal costs are estimated to be nil. The licence's discounted cash flows (that is, value in use) are estimated to be $484.000. Bridgeport prepares financial statements in accordance with ASPE. (a) - Your answer is partially correct. Determine if the licence is impaired at the end of 2020. The licence is not impaired at the end of 2020 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 enter for the amounts.) Account Titles and Explanation Debit Credit loss on Impairment 56000 Type here to search 5C Rain AGB Question 4 of 5 -/2 At the end of 2020. Marigold Corporation owns a licence with a carrying amount of $545,000. Marigold expects undiscounted future cash flows from this licence to total $550,500. The licence's fair value is $439,900 and disposal costs are estimated to be nil. The licence's discounted cash flows (that is, value in use) are estimated to be $486,700. Assume that the licence was granted in perpetuity and has an indefinite life, and that Marigold prepares financial statements in accordance with ASPE. Assume that the licence was granted in perpetuity and has an indefinite life. (a) Determine if the licence is impaired at the end of 2020 The licence at the end of 2020, 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 -5C Rain AD 00) to search O