AgriSolutions acquired an agricultural research facility on 1 January 20X1 for $3,000,000 with an estimated residual value of $300,000 and an estimated useful life of 15 years. The company uses the straight-line depreciation method. Due to changes in agricultural technology, the company now forecasts the following net cash inflows: $400,000 on 31 December 20X4, $350,000 on 31 December 20X5, and $300,000 on 31 December 20X6. The present values of $1 at the end of each year, using a discount rate of 6%, are: 0.94 for year 1, 0.89 for year 2, and 0.84 for year 3. Required: Perform an impairment test and prepare a detailed report on the financial implications as of 31 December 20X4.