Gem Co. determined that, due to obsolescence, equipment with an original cost of $900,000 and accumulated depreciation at January 1, Year 2, of $420,000 had suffered an impairment loss. The sum of the undiscounted cash flows expected to result from the use and disposition of this long-lived asset is less than its carrying amount, and its fair value at that date was $300,000. In addition, the remaining useful life of the equipment was reduced from 8 years to 3. Assuming that the straight-line method is used in its December 31, Year 2, balance sheet, what amount should Gem report as accumulated depreciation