BE16-16. Disclosures, Fair Value Hierarchy. [Learning Objective 7] Fill in the blanks in the following statements:

Level 1: Fair values are determined based on ____________ for identical assets.

Level 2: Fair values are determined using ____________. Other observable inputs could include ____________ based on similar assets in other markets.

Level 3: Fair values are determined using ____________. For instance, fair values in this group could be estimated based on ____________, such as discounted cash flows.