Impairment of Investment in Associate

XYZ Corporation acquired a 30% equity interest in ABC Ltd. on January 1, 2020, for $1,200,000. The investment is classified as an associate. At the end of 2022, XYZ observes that the recoverable amount of the investment in ABC has declined significantly due to adverse changes in the market affecting ABC's operations, leading to a fair value of $800,000. The carrying amount of the investment as of December 31, 2022, is $1,000,000. Under the applicable accounting standards, what amount of impairment loss should XYZ Corporation recognize in its financial statements for the year ending December 31, 2022?