BioTech Innovations acquired a biotechnological research facility on 1 January 20X2 for $5,000,000 with an estimated residual value of $500,000 and an estimated useful life of 20 years. The company uses the units-of-production depreciation method. Due to advancements in biotechnology, the company now expects the following net cash inflows: $700,000 on 31 December 20X4, $650,000 on 31 December 20X5, and $600,000 on 31 December 20X6. The present values of $1 at the end of each year, using a discount rate of 7%, are: 0.93 for year 1, 0.87 for year 2, and 0.81 for year 3. Required: Calculate the impairment loss, if any, and prepare the necessary journal entries and financial statement disclosures as of 31 December 20X4.