Please answer the incorrect question and explain your calculation as to how you got to the answer and give journal entires.

Carla Vista Town Taxi Incorporated applied for several taxi licences for its taxicab operations in the town of Somerville and, on August 31, 2023, incurred costs of $11,000 in the application process. The outcome of applying for taxi licences in the town was uncertain, as Somerville has been known to limit the number of issued taxi licences in an effort to encourage use of public transportation. The application was successful and on June 30, 2024, Carla Vista was granted 30 freely transferable taxi licences for a registration fee of $3,800 per licence. According to management, each licence will have a useful life of only 5 years from the date of registration, because demand for taxi services in Somerville is expected to decrease significantly after the town's subway system is expanded. There is an active market for taxi licences in Somerville. In 2025, in an effort to decrease traffic congestion in its downtown, the town did not issue any new taxi licences, and the fair value of each taxi licence held by Carla Vistawas $4,130 as at December 31, 2025. In 2024, due to a severe shortage of taxis in the town, Somerville decreased the registration fee and issued many new taxi licences. As at December 31, 2027, each taxi licence had value in use of 5,300, fair value of $3,600, and costs to sell of $200. Carla Vista amortizes intangible assets using the straight-line methaod, and prepares financial statements in accordance with IFRS. (a) v Your answer is correct. Prepare the entry to record the costs incurred on August 31, 2023. (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 O for the amounts. List debit entry before credit entry.) Date Account Titles and Explanation Debit Credit Aug. 31, ' Administrative E ' | 11000 ' | 2023 ministrative cxXpenses cash 11000 v Your answer is correct. Prepare the entry to record the costs incurred on June 30, 2024, (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 O for the amounts. List debit entry before credit entry.) Date Account Titles and Explanation Debit Credit June 30, ) o | ' | ' | 5004 Intangible Assets - Licences 114000 | Cash | ' | ' 114000 | Your answer is correct. Assume that after initial recognition, Carla Vista uses the cost model to measure its intangible assets. Prepare the entries required on December 31, 2025, December 31, 2026, and December 31, 2027. (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 O for the amounts. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit Dec. 31, Amortization E 22800 mortization Expense 2025 ' Accumulated Amortization - Licences 22800 Dec. 31, Amortization E 22800 2026 mortization Expense Accumulated Amortization - Licences 22800 Dec. 31, Amortization E 22800 2097 mortization Expense Accumulated Amortization - Licences 22800 ' Your answer is correct. Calculate the carrying amount of the intangible asset, if any, as at December 31, 2027. Carrying amount of Licences $ 34200 Assume that after initial recognition, Carla Vista uses the revaluation model (asset adjustment method) to measure its intangible assets. Prepare the entries required on December 31, 2025, December 31, 2026, and December 31, 2027, and calculate the carrying amount of the intangible asset, if any, as at December 31, 2027. Assume revaluation adjustments are made on December 31, 2025, and December 31, 2027, (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 O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit Dec.31,2025 v Dec.31,2025 v Amortization Expense 22800 Accumulated Amortization - Licences (To record amortization expense) Accumulated Amortization - Licences 34200 Intangible Assets - Licences {To eliminate accumulated amortization-licences balance) Dec. 31,2025 V' ' Intangible Assets - Licences ' ' 33100 Revaluation Surplus (OCI) {To adjust Intangible Assets - Licences account to fair value) Dec. 31,2026 V' ' Amortization Expense ' ' 24780 Accumulated Amortization - Licences T[T AE {To record amortization expense) Dec. 31, 2027 V Amortization Expense 24780 Accumulated Amortization - Licences (To record amortization expense) Dec. 31, 2027 V Accumulated Amortization - Licences 24780 Intangible Assets - Licences (To eliminate accumulated amortization-licences balance) Dec. 31, 2027 v Intangible Assets - Licences 69040 Revaluation Surplus (OCI) (To adjust Intangible Assets - Licences account to fair value)