Ramzi Inc. bought a machine on January $1,2011$ for $$800,000.$ The machine had an expected life of $20$ years and was expected to have a salvage value of $$80,000.$ On July $1,2021,$ the company reviewed the potential of the machine and determined that its future net cash flows totaled $$400,000$ and its fair value was $$300,000.$ If the company does not plan to dispose of it$,$ what should Regis record as an impairment loss on July $1,2021?$