Practice Question 13 Which of the following is NOT a true statement about long.lived assets classified as held for sale? A long-lived asset classified as held for sale will continue to be written down and further losses will be recognized if the net amount expected from the asset continues to drop. These assets should be reported at the lower of their carrying amount and fair value less costs to sell They continue to be depreciated up to the date of sale. If certain criteria are met, the losses and subsequent recoveries from the long-lived asset are reported as part of discontinued operations on the income statement