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, $30.1 million; fair value of division's assets, $22.8 million. Assume that the sum of estimated future cash flows is $25.8 million.
What amount of impairment loss should C&R recognize?
hint: answer is NOT zero, as previous answers to this question have assessed