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Which of the following conditions must exist in order for an impairment loss to be recognized? I. The carrying amount of the long-lived asset is

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Which of the following conditions must exist in order for an impairment loss to be recognized? I. The carrying amount of the long-lived asset is less than its fair value. II. The carrying amount of the long-lived asset is not recoverable. II only. Neither I nor II. I only. Both I and

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