Max Inc. purchased on January 2, 2017, equipment with a cost of $10,440,000, a useful life of 10 years and no salvage value. The Company uses straight-line depreciation. At December 31, 2017 and December 31, 2018, the company determines that impairment indicators are present. The following information is available for impairment testing at each year end:

12/31/2017 Fair value less cost to sell $9,315,000 & Value-in-use $9,350,000

12/31/2018 Fair value less cost to sell $8,350,000 & Value-in-use $8,315,000

There is no change in the assets useful life or salvage value. The 2016 income statement will report (impairment loss or recovery of impairment loss) of ?