Explain briefly when revenue should be recognized for the separate performance obligations (2 marks) Part (b) 7 marks At the end of 2019, Sally Corporation owns a licence with a remaining life of 9 years and a carrying amount of $500,000. Sally expects undiscounted future cash flows from this licence to total $525,000. The licence's fair value is $415,000 and disposal costs are estimated to be 3,000. The licence's discounted cash flows (that is, value in use) are estimated to be $400,000. Sally prepares financial statements in accordance with ASPE. Required: ii. Determine if the licence is impaired at the end of 2019 and prepare any related entries that are necessary. (4 marks) Calculate the amount of impairment if Sally was reporting under IFRS guidelines. (3 marks)