A company has a Cash Generating Unit (CGU) that had indicators of impairment for the year. The following information was provided on the assets:

	Carrying value at December 31, 2020	Residual Value	Fair Value
Land	$1,700,000		$1,900,000
Building	6,200,000	$ 800,000	$6,120,000
Equipment	1,600,000	$ 300,000	1,520,000
Goodwill	4,000,000
	13,500,000

The remaining useful life of the building as at December 31, 2020 is 20 years. The selling costs are 6% of the fair value for building and land. The selling cost for the equipment would be 8% of the fair value.

The projected cash flows of the CGU is as follows:

Year 1	$580,000
Year 2	580,000
Year 3	580,000
Year 4	580,000
Year 5	620,000

Assume that cash flows beyond year 5 will be the same amount.

Required:

Calculate the total impairment loss for the year ended December 31, 2020 and record the required journal entry. Assume a discount rate of 6%.