ACME Drilling is evaluating an offshore oil-drilling platform for possible impairment. The company estimates the following: book value, $18.3 million; fair value, $12.6 million; sum of estimated future cash flows generated from the oil-drilling platform, $16.5 million. What amount of impairment loss, if any, should ACME record? (Enter your answer in millions rounded to 1 decimal place.)

Answer rating: 100% (QA)

To determine the impairment loss we need to compare the fair v... View the full answer