Waterway Industries bought a machine on January 1, 2011 for $802000. The machine had an expected life of 20 years and was expected to have a salvage value of $84000. On July 1, 2021, the company reviewed the potential of the machine and determined that its future net cash flows totaled $397000 and its fair value was $305000. If the company does not plan to dispose of it, what should Waterway record as an impairment loss on July 1, 2021?