Trinidad Inc. is a public corporation and follows IFRS. On Jan 2, 2018 they purchased a limited-life licence for $50,000. This licence has a ten year life, and is not renewable. Straight-line amortization is being used. As a result of deteriorating business conditions in late 2019, Trinidad performed an impairment review for the license and calculated the following values as at December 31, 2019: undiscounted net cash flows value in use 38,000 35,000 fair value less selling costs 32,000 Required: (a) Calculate the amount of impairment (if any) for this asset (4 marks). (b) Prepare the adjusting entry, if required, to reflect the impairment (2 marks)