Fred's Outlet Super Store paid $25,500 for inventory (historical cost). At year-end, this inventory had a replacement cost of $24,000, a net realizable value of $26,000 (selling price $28,000 minus disposal costs $2,000), and a net realizable value minus a normal profit of $23,000 (net realizable value $26,000 minus normal profit $3,000). What is the amount of inventory write-down required by U.S. generally accepted accounting principles (U.S. GAAP) and by International Financial Reporting Standards (IFRS)?