A company has a Cash Generating Unit (CGU) that had indicators of impairment for the year. The following information was provided on the assets: Residual Value Land Building Equipment Goodwill Carrying value at December 31, 2020 $1,700,000 6,200,000 1,600,000 4,000,000 13,500,000 Fair Value $1,900,000 $6,120,000 1,520,000 $ 800,000 $ 300,000 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 Year 2 Year 3 Year 4 Year 5 $580,000 580,000 580,000 580,000 620,000 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%