3) Assume that LeBron reported the following information regarding the Semi-trucks at December

31, 2019:

Cost

Accumulated depreciation to date

Expected future net cash flows

Fair value

$55,000

25,000

20,000

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; make the journal entry (if any) to record the impairment of the

asset at December 31, 2019. Besides, make the journal entry to record depreciation expense for

2020.