Madison Company acquired a depreciable asset at the beginning of Year 1 at a cost of $12 million 4. At December 31, Year 1, Madison gathered the following information related to this asset: $10 million Carrying amount (net of accumulated depreciation) Fair value of the asset (net selling price) $7.5 million (Assume selling costs are immaterial) $10 million Sum of future undiscounted cash flows from use of the asset $8 million Present value of future cash flows from use of the asset (i.e. value in use) Assume Madison must conduct an impairment test on this piece of equipment at . December 31, Year1, what is the amount of impairment (if any) under U.S. GAAP? b. What is the amount of impairment (if any) under IFRS