An asset (accorded to the historical cost model) has a carrying amount as at 31 December 2000 of $120,000. This asset is depreciated on a regular basis and has a remaining useful life of 3 years. The asset is expected to generate a net cash flow of $30,000 per year for the next three years, after which it will be liquidated at a liquidation value of $10,000 with no disposal costs incurred. At the present time, this can be sold with a selling price and a distribution cost of $60,000 and 5,000 USD

1. Determine the value in use of the asset with the estimated discount rate 6%

2. Any minor loss and record the relevant journal entry (if any)