On January 1, 2019, Masahito Company received from a customer an 8-month, $6,000,000 note bearing an annual interest rate of 10%. The principal and the interest are payable on September 1, 2019. To obtain cash quickly, Masahito discounted the note with Chase Bank on March 1, 2019. Chase Bank charged a discount rate of 12%. What is the loss on note receivable discounting to be recognized by Masahito?