RetailCorp acquired a distribution center on 1 January 20X3 for $3,000,000 with an estimated residual value of $300,000 and an estimated useful life of 10 years. The company uses the straight-line depreciation method. Due to changes in consumer behavior, the company now expects the following net cash inflows: $400,000 on 31 December 20X4, $350,000 on 31 December 20X5, $300,000 on 31 December 20X6, and $250,000 on 31 December 20X7. The present values of $1 at the end of each year, using a discount rate of 5%, are: 0.95, 0.91, 0.86, and 0.82. Required: Calculate the impairment loss, if any, and prepare the financial statement disclosures and journal entries as of 31 December 20X4.