Equity Method Earnings Calculation

ABC Corporation owns 30% of XYZ Limited, and it applies the equity method to account for its investment. For the fiscal year ending December 31, 2022, XYZ Limited reported net income of $2 million and paid a dividend of $500,000. During the same year, ABC Corporation also recognized an impairment loss on its investment in XYZ Limited of $200,000, due to a significant decrease in the fair value of the underlying assets of XYZ.

How much should ABC Corporation report in its income statement as Equity in Earnings of XYZ Limited for the year ending December 31, 2022?