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, $29.3 million; fair value of division’s assets, $22.4 million. Assume that the present value of the estimated future cash flows generated from the division’s assets is $23.4 million and that their fair value approximates fair value less costs to sell. What amount of impairment loss should C&R recognize if the company prepares its financial statemen

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