please help Brief Exercise 11-17 (Static) Impairment; property, plant, and equipment [LO11-8]...
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Brief Exercise 11-17 (Static) Impairment; property, plant, and equipment [LO11-8] 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. $26.5 million; fair value of division's assets, $21 million; undiscounted sum of estimated future cash flows generated from the division's assets, $28 million. What amount of impairment loss should C\&R report in its income statement? Note: Enter your answers in whole dollars, and not in millions
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