On July 31, 2017, Cullumber Company paid $ 2,850,000 to acquire all of the common stock of Conchita Incorporated, which became a division of Cullumber. Conchita reported the following balance sheet at the time of the acquisition.

Current assets

$ 740,000

Current liabilities

$ 570,000

Noncurrent assets

2,550,000

Long-term liabilities

470,000

Total assets

$ 3,290,000

Stockholders equity

2,250,000

Total liabilities and stockholders equity

$ 3,290,000

It was determined at the date of the purchase that the fair value of the identifiable net assets of Conchita was $2,590,000. Over the next 6 months of operations, the newly purchased division experienced operating losses. In addition, it now appears that it will generate substantial losses for the foreseeable future. At December 31, 2017, Conchita reports the following balance sheet information.

It is determined that the fair value of the Conchita Division is $ 1,850,000. The recorded amount for Conchitas net assets (excluding goodwill) is the same as fair value, except for property, plant, and equipment, which has a fair value $110,000 above the carrying value.

Q. Assume that fair value of the Conchita Division is $ 1,504,000 instead of $ 1,850,000. Determine the impairment loss, if any, to be recorded on December 31, 2017.