AutoMakers Inc. acquired an automobile manufacturing plant on 1 January 20X1 for $5,000,000 with an estimated residual value of $500,000 and an estimated useful life of 15 years. The company applies the double-declining balance depreciation method. Due to market competition, the company now estimates the following net cash inflows: $600,000 on 31 December 20X3, $550,000 on 31 December 20X4, $500,000 on 31 December 20X5, and $450,000 on 31 December 20X6. The present values of $1 at the end of each year, using a cost of capital of 8%, are: 0.93, 0.86, 0.79, and 0.73. Required: Assess the recoverable amount and prepare the impairment test results. Discuss the impact on the company's key financial ratios and prepare the necessary disclosures as of 31 December 20X3.