The management of Petro Garcia Inc. was discussing whether certain equipment should be written off as a charge to current operations because of obsolescence. This equipment has a cost of $900,000 when purchased on January 1, 2016. The equipment has a salvage value of $100,000 and a useful life of 10 years. The company uses the straight line method of depreciation. On December 31, 2020, after depreciation was recorded, management projected its future net cash flows from this equipment to be $300,000. The expected future net cash flows per year are as follows and their discount rate is expected to be 10%:

2021	$60,000
2022	$60,000
2023	$60,000
2024	$60,000
2025	$60,000

Assume that Garcia will continue to use this asset in the future. How much of an impairment loss should be recorded on December 31, 2020?