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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
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.)
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Financial Reporting and Analysis
Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer
7th edition
1259722651, 978-1259722653
