True or False. Along-lived asset impairment loss is the amount by which the carrying amount of the asset exceeds fair value which is the market value or the present value of expected future net cash flows. True False D Question 23 10 pts GAAP requires the same depreciation method be used for financial reporting and tax reporting. True False Question 24 10 pts Donald acquired a tractor for $35,000 on January 1, 2019. He estimates the useful life of the tractor as 10 years and a $5,000 residual value. What is the second year's depreciation using straight-line depreciation