Q9

Which of the following statements is true? ) 1) An asset impairment charge is required if the balance sheet value of an asset falls below the asset's fair value. ( 2) An asset impairment charge will make the balance sheet value of an asset being set equal to the asset's estimated fair value. O 3) An asset impairment charge requires that depreciation in previous periods be restated. 4) An asset impairment charge reduces current period income, but does not affect any of the amounts reported on Che balance sheet. 5) None of these statements is correct