HealthTech Innovators acquired a medical equipment facility on 1 January 20X0 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 regulatory changes, the company now estimates the following net cash inflows from operating the facility: $400,000 on 31 December 20X3, $350,000 on 31 December 20X4, $300,000 on 31 December 20X5, and $250,000 on 31 December 20X6. The present values of $1 at the end of each year, using a cost of capital of 7%, are: 0.93, 0.87, 0.81, and 0.76 respectively. Required: Calculate the impairment loss and prepare the necessary journal entries as of 31 December 20X3.