A company owns a manufacturing plant in a foreign country. Political unrest in the country indicates that the company should investigate for possible impairment. Below is information related to the plant's assets ($ in millions): Book value Undiscounted sum of future estimated cash flows Present value of future cash flows Fair value less cost to sell (determined by appraisal) $ 200 222 187 193 The amounts of the impairment loss that the company should recognize according to U.S. GAAP and IFRS are: Multiple Choice $7 million and $7 million, respectively. $13 million and $13 million, respectively. $0 and $7 million, respectively. There is no impairment under U.S. GAAP or under IFRS.