An asset is sold in two different active markets at different prices. An entity enters into transactions in both markets and can access the price in those markets for the asset at the measurement date. In Market A, the price that would be received is RM26 million, transaction costs in that market are RM2 million (ie the net amount that would be received is RM21 million). In Market B, the price that would be received is RM25, transaction costs in that market are RM1 million and the costs to transport the asset to that market are RM2 million (ie the net amount that would be received in Market B is RM22 million)

Determine the fair value of the asset if :

1) Market A is a principal market

2) Market A and Market B are not the principal market for the asset