HealthCorp acquired a medical research facility on 1 January 20X2 for $4,000,000 with an estimated residual value of $400,000 and an estimated useful life of 15 years. The company uses the straight-line depreciation method. Due to changes in medical research funding, the company now expects the following net cash inflows: $500,000 on 31 December 20X4, $450,000 on 31 December 20X5, and $400,000 on 31 December 20X6. The present values of $1 at the end of each year, using a discount rate of 8%, are: 0.93 for year 1, 0.86 for year 2, and 0.79 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.