Collison and Ryder Company (C&R) has been experiencing declining market conditions for its sportswear division. Management decided to test the assets of the division for possible impairment. The test revealed the following: book value of divisions assets, $26.5 million; fair value of divisions assets, $21 million; sum of estimated future cash flows generated from the divisions assets, $24 million.

What amount of impairment loss should C&R recognize?