Under U.S. GAAP, Which of the following answer choices is correct concerning the accounting for 'Impairments'...

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Under U.S. GAAP, Which of the following answer choices is correct concerning the accounting for 'Impairments' (Other than Temporary declines in the market value) of a Pra Equipment asset? The dollar amount of the impairment loss to record is the excess of the asset's current fair market value over the asset's current lower book value. The 'recoverability test compares the discounted expected future cash flows with the asset's book value as the second step in determining a possible impairment loss. Recorded impairment losses do not have any effect on Net Income. O Once an asset is 'written down due to impairment loss, any subsequent recovery is NOT permitted to be recorded. Under U.S. GAAP, Which of the following answer choices is correct concerning the accounting for 'Impairments' (Other than Temporary declines in the market value) of a Pra Equipment asset? The dollar amount of the impairment loss to record is the excess of the asset's current fair market value over the asset's current lower book value. The 'recoverability test compares the discounted expected future cash flows with the asset's book value as the second step in determining a possible impairment loss. Recorded impairment losses do not have any effect on Net Income. O Once an asset is 'written down due to impairment loss, any subsequent recovery is NOT permitted to be recorded.