The following information relates to an item of plant owned by Bazaar Co: (i) Its carrying amount in the statement of the financial position is $3 million. (ii) Bazaar Co has received an offer of $2.7 million from a company in Japan interested in buying the plant. (iii) The present value of the estimated cash flows from continued use of the plant is $2.6 million. (iv) The estimated cost of shipping the plant to Japan is $50,000. What is the amount of the impairment loss that should be recognised on the plant?