Concord Corporation bought a machine on January 1, 2008 for $794000. The machine had an expected life of 20 years and was expected to have a salvage value of $76000. On July 1, 2018, the company reviewed the potential of the machine and determined that its future ne cash flows totaled $405000 and its fair value was $298000. If the company does not plan to dispose of it, what should Concord record as an impairment loss on July 1, 2018? $12050 $40500 $0 $119050