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At the end of 2023, Concord Corporation owns a licence with a carrying amount of...

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Accounting

At the end of 2023, Concord Corporation owns a licence with a carrying amount of $532,000. Concord expects undiscounted future cash flows from this licence to total $536,500. The licence's fair value is $426,900 and disposal costs are estimated to be nil. The licence's discounted cash flows (that is, value in use) are estimated to be $474,900. Assume that the licence was granted in perpetuity and has an indefinite life, and that Concord 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 2023.
The licence at the end of 2023.
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 0 for the amounts. List debit entry before credit entry.)
Account Titles and Explanation
Debit
Credit
image

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