Pallmall Company has a truck which was purchased in prior years for $60,000. At the end of

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.