On January 1, 2015, Fredrichs Inc. purchased copyright with a cost of $3,060,000, a useful life of 10 years, and a residual value of $60,000. The company uses straight-line depreciation.

On December 31, 2015, the company determines that impairment indicators are present and estimated that copyright's recoverable amount is $2,600,000. The company intends to continue using a copyright in the future. As of December 31st, 2015, the copyright has a remaining useful life of 8 years and no change in the copyright's residual value.

Compute the impairment loss/recovery (if any) on December 31st, 2016 assuming that the fair value for the copyright was $2,400,000 on December 31st, 2016: