Lichen Ltd owns a machine that has a carrying amount of $85,000 at the year end of 31 March 20X9. Its market value is $78,000 and costs of disposal are estimated at $2,500. A new machine would cost $150,000. Lichen Ltd expects it to produce net cash flows of $30,000 per annum for the next three years. The cost of capital of Lichen Ltd is 8%. What is the impairment loss on the machine to be recognised in the financial statements at 31 March 20X9?