4. In 2016 BigResearcher Company had a major breakthrough on a product development project for a new robotic lawnmower. BigResearcher was able to patent the new robotic lawnmower allowing the company an exclusive right to make and sell the product for 20 years. BigResearcher believed that product demand would last for 10 years, and estimated that annual net cash flows from the robotic lawnmower would be $3.5 million. To produce the robotic lawnmower, BigResearcher built an exclusive fabricating plant for $12.3 million. Construction on the plant was completed in late December 2016 and production began on January 1, 2017. Once BigResearcher no longer saw a market for the robotic lawnmower, it planned to sell the plant and estimated the selling price at $1.5 million. BigResearcher uses the straight-line method for depreciating all of its long-lived assets. On January 1, 2020, BigResearcher's major competitor announced that it had developed a product that would dramatically reduce demand for the robotic lawnmower. As a result, BigResearcher believes the cash flows from sale of the robotic lawnmower will be $1.5 million in 2020 and 2021, only, and that the selling price for the fabrication plant at the end of 2021 would be $400,000. BigResearcher determined that the present value of the revised future cash flows related to the robotic lawnmower is $2,933,884 and believes that the fair value of the plant in early 2020 is approximately $5 million. Assuming that BigResearcher has concluded that it must determine if an impairment loss has occurred, complete the steps necessary to determine if an impairment exists, and if so, how much would be recorded for the impairment loss