FinSolutions acquired a financial advisory center on 1 January 20X0 for $4,000,000 with an estimated residual value of $400,000 and an estimated useful life of 20 years. The company uses the straight-line depreciation method. Due to changes in the financial advisory market, the company now expects the following net cash inflows: $600,000 on 31 December 20X3, $550,000 on 31 December 20X4, and $500,000 on 31 December 20X5. 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: Conduct an impairment test, calculate the impairment loss, and prepare the necessary journal entries and financial statement disclosures as of 31 December 20X3.