Long Trucking Corporation is a medium-sized publicly owned trucking company with trucks that are driven across North

Question:

Long Trucking is a medium-sized publicly owned trucking company with trucks that are driven across North America. The company owns large garages and equipment to repair and maintain the trucks.
Ken Bond, the controller, knows that long-lived assets are reviewed annually for impairment. Ken records an impairment loss of $100,000 and the loss appears on the income statement for the current fiscal year. Jason Long, the company president, reviews the and wants more information from Ken about the impairment loss.
Instructions
Write an e-mail to Jason Long that explains (1) what might have caused the impairment loss, (2) the journal entry required for the impairment loss, and (3) how this write-down will affect Long Trucking's and income statement in future years.
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