Java Have It, is a coffee distributor. For the most recent reporting period the firm impaired its' PP&E. Arguably, which of the following is true: o Impairing the asset will not affect profits because it only involves writing down the value of the asset on the balance sheet O Prior period profits were lower than they should be; and current period profits are higher than they should be O Prior period profits were higher than they should be; and current period profits are lower than they should be Both prior periods and the current period profits are lower than they should be