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Which of the following statements is(are) correct about the carrying amount of a long-lived asset after an impairment loss has been recognized? Assume the long-lived asset is being held for use in the business and that the asset is depreciable.
I. The reduced carrying amount of the asset may be increased in subsequent years if the impairment loss has been recovered.
II. The reduced carrying amount of the asset represents the amount that should be depreciated over the asset’s remaining useful life.