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What amount of impairment loss should C-R recognize

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Question - Collison and Ryder Company (C&R) has been experiencing declining market conditions for its sportswear division. Management decided to test the assets of the division for possible impairment. The test revealed the following: book value of division's assets, $27.5 million; fair value of division's assets, $21.5 million; undiscounted sum of estimated future cash flows generated from the division's assets, $28.5 million. What amount of impairment loss should C&R recognize?

Reference no: EM133020286

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