P owned a 100% subsidiary, Taylor, that is treated as a cash generating unit. On 31 march20X2, there was an industrial accident (a gas explosion) that caused damage to some of Taylor's plant. The assets of Taylor immediately before the accident were: As a result of the accident, the recoverable amount of Taylor is $6.7 million. The explosion destroyed an item of plant that had a carrying amount of $500,000. The cash and receivables already stated at their fair values less cost to sell (net realizable values). Required Calculate the impairment loss and at what amount will be shown in the financial statement after impairment loss adjustment