Elusive Ltd acquired a machine for $260,000 on 1 July 2017. It depreciated the asset at 10% p.a. on a straight line basis. On 30 June 2019, Elusive Ltd conducted an impairment test on the asset. It determined that the asset could be sold to other entities for $184,000 with costs of disposal of $6,000. Management expects to use the machine for the next four years with expected cash flows from use of the machine being:

2020	$ 80,000
2021	$ 60,000
2022	$ 50,000
2023	$ 40,000

The rate of return expected by the market on this machine is 6%.

Assess whether the machine is impaired. If necessary, provide the appropriate journal entry to recognise any impairment loss.