Rice Industries owns a manufacturing plant in a foreign country. Political unrest in the country indicates that Rice should investigate for possible impairment. Below is information related to the plant's assets ($ in millions): Fair value of Reliant (approximates fair value less costs to sell) Fair value of Reliant's net assets (excluding goodwill) Book value of Reliant's net assets (including goodwill) $655 600 700 670 Present value of estimated future cash flows The amount of impairment loss that Rice should recognize according to U.S. GAAP and IFRS, respectively, is: U.S. GAAP IFRS a. $45 million $45 million b. $55 million $45 million c. $0 $30 million d. $40 million $30 million