$($###$12)$No chat gpt answers & don't copy from chegg or else I'll give $5$ downvotes

A company holds an asset with a carrying amount of $$800,000.$

New market conditions suggest the asset's fair value is now $$650,000,$ and it has estimated future cash flows of $$600,000.$

Determine if impairment is necessary, and if so$,$ calculate the impairment loss.