1. The following chart depicts several of the sample fair value measurements described previ- ously in this chapter. For each asset or liability, identify its likely fair value hierarchy level and explain your rationale.* Asset or Liability Derivative assets and liabilities a futures contract for the purchase of 5,000 bushels of corn. Marketable equity securities Measurement of exit or disposal cost obligations Impairments of property, plant, and equipment (PP&E) Investment in a private company, such as the private company introduced in the previous Now YOU Try. Likely fair value hierarchy level? + This is a standard quantity for a corn futures contract. Explain. *Note: Clearly, some of the assets or liabilities in this exercise are not specifically defined (as is the case for exit or disposal cost obligations). Think through the assets or liabilities that could be involved in such activities, then take your best shot at identifying the hierarchy level and providing your explanation for this level. 2. In your own words, explain: What do these fair value hierarchy designations tell financial statement users about these measurements?