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What impairment loss amount should they recognize

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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, $27.3 million; fair value of division's assets, $21.4 million; sum of estimated future cash flows generated from the division's assets, $24.4 million.

What impairment loss amount should they recognize?

Reference no: EM131750379

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