A company owns an office building that it rents out to other businesses. Due to a downturn in the economy, rental rates have dropped while vacancy rates have increased. Due to these circumstances, the company evaluated the building for impairment. The building has a cost of $50 million, accumulated depreciation of $15 million, and a value in use of $28 million. In addition, the company has recently received an offer to purchase the building for $32 million. Legal and other costs necessary' to complete a sale of this type would amount to $100,000.
Required:
Determine the amount of impairment.