The following information is for a copyright owned by Novak Corp., a publicly accountable entity, at December 31, 2020. Novak Corp. applies IFRS. Cost | | $4,334,000 | | Carrying amount | | 2,161,000 | | Expected future net cash flows (undiscounted) | | 2,023,000 | | Fair value | | 1,558,000 | | Assume that Novak Corp. will continue to use this copyright in the future. As at December 31, 2020, the copyright is estimated to have a remaining useful life of 8 years. The copyrights value in use is $1,811,000 and its selling costs are $123,000. | | | |