Determine whether each sentence is True or False Prior period adjustments always decrease the value of income in the income statement True False An equipment that is no longer for use and held for sale is reported in the current asset section of the balance sheet True O False Interest Expenses and Losses from Write-down of obsolete inventory are classified as operating expenses in the Income Statement * O True False Accumulated Depreciation is a contra asset account that decreases the book value of all property, plant, and equipment except land True False Freight-out is added to selling expenses in the income statement O True False