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Write down any related entry that is necessary

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At the end of 2017, Ayayai Corporation owns a licence with a remaining life of 8 years and a carrying amount of $500,000. Ayayai expects undiscounted future cash flows from this licence to total $504,000. The licence's fair value is $396,000 and disposal costs are estimated to be nil. The licence's discounted cash flows (that is, value in use) are estimated to be $450,000. Ayayai prepares financial statements in accordance with IFRS.

Problem 1: Write down any related entry that is necessary.

Reference no: EM132779393

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