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The entity classified a building as held for sale on January 1, 2020. However, the company decided to use it for a product line expansion

The entity classified a building as held for sale on January 1, 2020. However, the company decided to use it for a product line expansion on December 31, 2020. Which of the following statements are true? I. The company will record depreciation expense for the year 2020. II. The company will recognize an impairment loss on January 1, 2020, if applicable.

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