Plastix Inc. bought a molding machine for $600,000 on July 1, 2017. The company expected to use this machine to extrude plastic toys for the next eight (8) years, when the machine would be sold for $40,000. On July 1, 2020, their major customer, WalMart, gave notification that they were terminating Plastix Inc. as a supplier. Plastix Inc.s accountants estimate that the machine will generate $360,000 in future cash inflows from other customers and the fair value of the machine is $350,000. Plastix uses straight-line depreciation. What is the impairment loss on July 1, 2020?