Collinsworth LTD., a U.K. company, prepares its financial statements according to International Financial Reporting Standards. Late in its 2021 fiscal year, a significant adverse change in business climate indicated to management that the assets of its appliance division may be impaired. The following data relate to the divisions assets: ( in millions)

Book value 220

Undiscounted sum of estimated future cash flows 210

Present value of future cash flows 150

Fair value less cost to sell (determined by appraisal) 145

Required:

1. What amount of impairment loss, if any, should Collinsworth recognize?

2. Assume that Collinsworth prepares its financial statements according to U.S. GAAP and that fair value less cost to sell approximates fair value. What amount of impairment loss, if any, should Collinsworth recognize?