St. Nicholas, Inc. uses equipment in its manufacturing business. The equipment was purchased in January 2018 for $5,000,000 and had an estimated useful life of 8 years with no salvage value. At December 31, 2020, new technology was introduced that would accelerate the obsolescence of the equipment. The expected future net cash flows on the equipment will be $4,000,000 and that the fair value of the equipment is $3,300,000. St. Nicholas intends to continue using the equipment, but it is estimated that the remaining useful life is 4 years. St. Nicholas uses straight-line depreciation. Prepare the journal entry (if any) to record impairment (if any) at December 31, 2020.