BioPharma Solutions acquired a pharmaceutical manufacturing plant on 1 January 20X0 for $2,500,000 with an estimated residual value of $250,000 and an estimated useful life of 20 years. The company uses the straight-line depreciation method. Due to advancements in technology, the company now forecasts the following net cash inflows: $400,000 on 31 December 20X3, $350,000 on 31 December 20X4, $300,000 on 31 December 20X5, and $250,000 on 31 December 20X6. Using a discount rate of 9%, the present values of $1 at the end of each year are: 0.92, 0.84, 0.77, and 0.71. Required: Conduct an impairment review and prepare the financial statement disclosures and journal entries for the impairment loss as of 31 December 20X3.