AutoMakers Inc. acquired an automobile manufacturing plant on 1 January 20X0 for $6,100,000 with an estimated residual value of $610,000 and an estimated useful life of 20 years. The company uses the double-declining balance depreciation method. Due to market competition, the company now forecasts the following net cash inflows: $770,000 on 31 December 20X4, $700,000 on 31 December 20X5, and $650,000 on 31 December 20X6. The present values of $1 at the end of each year, using a discount rate of 8%, are: 0.93 for year 1, 0.87 for year 2, and 0.81 for year 3. Required: Calculate the annual depreciation expense and the carrying amount of the plant as of 31 December 20X4. Using the revised net cash inflows and present values, calculate the recoverable amount of the plant.