Pallmall Company has a truck which was purchased in prior years for $60,000.At the end of 2013,there is $30,000 of accumulated depreciation.The value of the truck has been impaired,and its remaining value is now estimated at $18,000.Please provide the journal entry needed to record the asset impairment.
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Question

Pallmall Company has a truck which was purchased in prior years for $60,000.At the end of 2013,there is $30,000 of accumulated depreciation.The value of the truck has been impaired,and its remaining value is now estimated at $18,000.Please provide the journal entry needed to record the asset impairment.
 $$\begin{array} { | l | r | r | } 
\hline \quad\quad\quad&\quad&\quad \
\hline \\hline \
\hline
\end{array}$$

Quizplus · Accepted Answer

The Answer of Pallmall Company has a truck which was purchased in prior years for $60,000.At the end of 2013,there is $30,000 of accumulated depreciation.The value of the truck has been impaired,and its remaining value is now estimated at $18,000.Please provide the journal entry needed to record the asset impairment.
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Pallmall Company Has a Truck Which Was Purchased in Prior \begin{array} { | l | r | r | } \hline \quad\quad\quad&\quad&\quad \\\hline \\\hline \\\hline\end{array}​​

Pallmall Company Has a Truck Which Was Purchased in Prior $\begin{array} { | l | r | r | } \hline \quad\quad\quad&\quad&\quad \\\hline \\\hline \\\hline\end{array}$