An asset (according to the historical cost model) with a carrying amount as at December 31, X0 of $120,000. This asset is depreciated on a straight-line 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 3 years, after which it will be liquidated with a liquidation value of $10,000 with no additional disposal costs. Currently, this property is marketable for $60,000 and $5,000 respectively. Require: 1. Determine the asset's value in use at an estimated discount rate of 6%. 2. Calculate property loss and record related journal entries (if any).