Which of the following claims about asset impairment is correct? Multiple Choice Asset impairment losses appear on a company's income statement every year. Asset impairment losses are reported on the income statement as an operating expense. Impairment occurs when an asset's book value is less than its current value. When a company records an asset impairment loss, it will increase net income for that period. Businesses with the same asset may report different amounts of depreciation in a given year for all of the following reasons, except: Multiple Choice They use different residual values. They use different estimated useful lives. They are in different industries. They use different depreciation methods. Salinas Inc. uses an accelerated depreciation method while Jayden-James Corp uses the straight-line method. All other things being equal, during the first few years of the asset's use, Salinas will show which of the following compared to Jayden-James? Multiple Choice Higher asset values and higher net income. Higher asset values and lower net income. Lower asset values and lower net income. Lower asset values and higher net income. Which of the following claims about asset impairment is correct? Multiple Choice Asset impairment losses appear on a company's income statement every year. Asset impairment losses are reported on the income statement as an operating expense. Impairment occurs when an asset's book value is less than its current value. When a company records an asset impairment loss, it will increase net income for that period. Businesses with the same asset may report different amounts of depreciation in a given year for all of the following reasons, except: Multiple Choice They use different residual values. They use different estimated useful lives. They are in different industries. They use different depreciation methods. Salinas Inc. uses an accelerated depreciation method while Jayden-James Corp uses the straight-line method. All other things being equal, during the first few years of the asset's use, Salinas will show which of the following compared to Jayden-James? Multiple Choice Higher asset values and higher net income. Higher asset values and lower net income. Lower asset values and lower net income. Lower asset values and higher net income