Rainbow Corporation operates a manufacturing plant in Arizona. Due to a significant decline in demand for the product manufactured at the Arizona site, an impairment test is deemed appropriate. Management has acquired the following information for the assets at the plant: Cost $600,000; Accumulated depreciation $225,000; Rainbows estimate of the total cash flows to be generated by selling the products manufactured at its Arizona plant, not discounted to present value $345,000. The fair value of the Arizona plant is estimated to be $300,000. The amount of impairment loss recognized should be: