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Collison and Ryder Company (C&R) has been experiencing declining market conditions for its sportswear division....

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Accounting

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 divisions assets, $29.7 million; fair value of divisions assets, $22.6 million; undiscounted sum of estimated future cash flows generated from the divisions assets, $30.3 million. What amount of impairment loss should C&R recognize?

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