Fiddle Fig Co. (FFC) owns a license which has a useful life of 12 years and a carrying amount of $360,000. FFC has estimated that the license will generate $370,000 in undiscounted future cash flows. Discounted future cash flows (value in use) are expected to be $305,000. The fair value of the license is $325,000 and it is estimated that there would be no disposal costs associated with selling it. FFC prepares financial statements in accordance with IFRS. Instructions: a) Determine if the license is impaired at the end of 2020 and prepare any related entries that are necessary. b) Assume the recoverable amount of the license is calculated to be $315,000. Determine if the license is impaired at the end of 2021 and prepare any related entries that are necessary. c) Explain how the answer to part (a) would change if FFC was preparing financial statements in accordance with ASPE and prepare the necessary entries. Round amounts to two decimal places. Show ALL calculations for full marks