All investments in equity instruments and contracts on those instruments must be measured at fair value. Cost may be an appropriate estimate of fair value in which of the following?

Insufficient more recent information is available to measure fair value.

There is a wide range of possible fair value measurements and cost represents the best estimate of fair value within that range.

Investments in quoted equity instruments.

Group of answer choices

1 only

2 only

None of these

Either 1 or 2