EduTech acquired a digital learning platform on 1 January 20X3 for $2,000,000 with an estimated residual value of $200,000 and an estimated useful life of 10 years. The company uses the straight-line depreciation method. Due to changes in the online education market, the company now forecasts the following net cash inflows: $300,000 on 31 December 20X4, $250,000 on 31 December 20X5, and $200,000 on 31 December 20X6. The present values of $1 at the end of each year, using a discount rate of 6%, are: 0.94 for year 1, 0.89 for year 2, and 0.84 for year 3. Required: Perform an impairment test, calculate the impairment loss, and prepare the necessary journal entries and financial statement disclosures as of 31 December 20X4.