Rust Ltd lost some inventory during a snowstorm in January 2018. The inventory cost RMB200,000, with associated input value added tax (VAT) credited in December 2017 of RMB34,000. The normal selling price for these goods is RMB300,000. The insurance company agreed to compensate RMB120,000 to the company for the lost inventory. Where relevant, all amounts are exclusive of VAT.

What is the amount of irrecoverable input value added tax (VAT) on the inventory lost in January 2018?