Bartpart plc has 800 hectares of agricultural land amongst its non-current assets at a cost of 4,400,000 as at 31 December 20X9. Due to the general downturn in the agricultural sector, the directors have carried out an impairment review, and the following information is available:

• The land has been rented out at an annual rent of 400 per hectare with five yearly rental reviews. The rent has recently been renegotiated for the five years commencing 1 January 202X at an annual rent of 350 per hectare.
• Agricultural valuers have estimated that the land would realise 4,000 per hectare after selling costs have been taken into account in a sale at 1 January 202X (the day after 31 December 20X9).
• The required rate of return for Bartpart plc is 7%.

REQUIRED: Advise the directors if an impairment has occurred and, if so, provide the accounting entry required to reflect the impairment in the accounts for the year to 31 December 20X9.