A piece of equipment was purchased several years ago for $10,000 and has been depreciated $3,500 so far. The company estimates that it could be replaced for $7,200 if purchased in a similar condition. Were the company to sell it today, they believe they would receive $6,900 in cash after having paid $200 in commissions to the person who helped arrange the sale. What measurement basis is being used if the company reports the asset at: $7.200 $7.100 If the company decided to report the equipment at fair value and choose to report $7.000 because the controller "likes numbers to be in thousands", that would be a fair value estimate