$8\mathrm{.}16$ Asset Impairments Nonrelated scenarios for Hammerhead Paper Company and Sterling Company follow: Scenario $1$: Hammerhead Paper Company owns a press used in the production of fine paper products. The press originally cost $$2,000,000,$ and it has a current carrying amount of $$1,200,000.$ A decrease in the demand for fine paper products has caused the company to reassess the future cash flows from using the machine. The company now estimates that it will receive cash flows of $\backslash$$$160,000$ per year for $12$ years. The company uses a $10\%$ discount rate to compute the present value for this investment. A similar machine recently sold for $$1,000,000$ in the secondhand market. Hammerhead estimates that it would cost $$50,000$ to sell the machine. A$.$ Compute the amount of Hammerhead's press impairment, if anyunder U$.$S$.$ GAAP and IFRS.