ConstructIt purchased a production plant for £950,000 with an estimated residual value of £60,000 and an estimated life of six years. The company applies the straight-line depreciation method. The expected net cash inflows are £250,000 on 31 December 20X3, £200,000 on 31 December 20X4, and £190,000 on 31 December 20X5. The values of £1 at the end of each year are 0.91 for year 1, 0.84 for year 2, and 0.77 for year 3. Required: Evaluate the plant for impairment and prepare the necessary disclosures and journal entries as of 31 December 20X3.