Identify if the following statements are true or false. For the false statements, explain the reason and correct them. a) Estimated production expected over an asset's useful life can be used as the denominator in the formula for straight-line depreciation. b) If a company uses the double-diminishing-balance method of depreciation instead of the straight-line method, the company will report higher amounts of net income over the asset's useful life, if all other items on the income statement remain unchanged. C) The formula for depreciation using the diminishing-balance method is represented as: (cost- accumulated depreciation) x depreciation rate. d) If revenues and other expenses remain equal, a company will experience diminishing net income if the company use the units-of-production method of depreciation. e) A company will often use straight-line depreciation so that the company's accounting policies are consistent with depreciation required under the provisions of the Income Tax Act. f) When assets are comprised of components that have different useful lives and straight-line depreciation is used, an average useful life is often used as the denominator for calculating depreciation expense. g) An impairment loss is recorded as a credit to the accumulated depreciation account of the asset that is impaired. h) If there are indicators that an asset's value may be impaired due to obsolescence or declining demand for the products produced by the asset, a company must record an impairment loss on its financial statements.