Current Attempt in Progress Which of the following explains the rationale for using "normalized" earnings under the excess-earnings valuation approach? Historic asset values are the best reflection of the assets' value in use. O The past often provides useful information about the future; past earnings are a good starting point. O The company's future earnings should always be higher than the past earnings. Normalized earnings are not used under the excess-earnings valuation approach. Save for Later Attempts: 0 of 1 used Submit