Heading T Question # 3 (8 marks) Rho Inc., a public company, on the market, including the widely used Playmark animation software. The company has a software development company which has several products recorded development costs of $2.8 million relating to PlayMark, which is being amortised on a straight-line basis over seven years. At the end of 2019, the carrying value was $1,960,000. Rho maintains a separate account for accumulated amortization on Playmark. In 2019, another company, Gamma Inc. released a competing product that has been hailed as a substantial improvement over PlayMark, Because of the new competition, Rho's management decided that an impairment test should be made. Playmark was appraised to have a fair value of $1,000,000 at the end of 2019. Its value in use was estimated to be $900,000 and the selling costs were considered to be negligible. In addition, the sum of future undiscounted cash flows associated with Playmark was estimated to be $1,500,000. Required: 1. Prepare any necessary adjusting entry by Rho Inc. to record the results of the impairment test at the end of 2019. (4 marks)