On December 31, Year Three, Fairfield's auditors raise concerns that the plant's market value might be below its net book value due to the failure of the Jphone to gain market share. The auditors believe this decline is permanent and decide to test for impairment. The accountants and auditors agree that the plant will generate net cash flows of approximately $2 million each year but only for the next fifteen years. Perform a test of recoverability on the plant. Assume that the auditors determine that the plant's expected future cash flows are below its net book value. The company must now perform the fair value test. Several appraisers are called in, and the average fair value is $15,600,000. Determine if Fairfield must record an impairment loss and, if so, determine the amount.