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Record the impairment of the asset at December

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Question - Assume that LeBron reported the following information regarding the Semi-trucks at December 31, 2019:

Cost $55,000

Accumulated depreciation to date 25,000

Expected future net cash flows 20,000

Fair value 23,000

Assuming that LeBron will continue to use this asset in the future and the semi-trucks have a remaining useful life of 2 years; prepare the journal entry (if any) to record the impairment of the asset at December 31, 2019. Besides, prepare the journal entry to record depreciation expense for 2020.

Reference no: EM132550574

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