3) Answer the following questions based on this information set XYZ, Inc. also runs a radio station and has a broadcast license it can renew every 10 years for minimal cost. It paid $3,400,000 for the license 14 years ago. It has received an offer to buy the license for $2,800,000. It believes a 4% discount rate would be best to determine the present value of these cash flows. a) Should it impair the asset and why (just provide a yes or no answer and you justification) asset, what would be the amount of the loss and what would be the journal entry to record the loss? Explain your calculation of the loss amount b) Regardless of you answer in a) assume that it did determine that it should impair the