On December 31, 2020, the entity classified as held for sale a machine with carrying amount of P6,000,000. On this date, the machine is expected to be sold for P5,520,000. Disposal cost is expected at P240,000.

On December 31, 2021, the machine had not been sold and management after considering its options decided to place back the machine into operations. On this date, the entity estimated that the machine is expected to be sold at P5,160,000 with the disposal cost at P60,000.

The carrying amount of the machine was P4,800,000 on December 31, 2021 if the noncurrent asset was not classified as held for sale.

Required: Compute the impairment loss for 2020.