Entity A is a listed company in Hong Kong. It owns an expensive industrial plant for which it wishes to ascertain a fair value for financial reporting purpose. The Sales Department suggests three possible markets to the Finance Department, i.e. Alpha, Beta and Gamma. The information about these markets in which the asset could be sold and the costs that would be incurred if a sale were to be made is as follows: Market Alpha Market Beta Market Gamma $ $ Sales price Transport cost 12,600,000 12,960,000 13,140,000 360,000 540,000 Transaction cost 450,000 540,000 450,000 1,080,000 Sales volume (units) 9,000 1,800 1,440 REQUIRED: Under HKFRS 13 Fair Value Measurement: a. How much is the fair value? [1] b. How much is the fair value if there is NO principal market information? [2] Based on PART ONE Question 6, you are required to provide explanations under HKFRS 13 Fair Value Measurement. REQUIRED: a. Which one is the most advantageous market? Explain in detail. (2 Marks) b. When we measure fair value, what are the items which we should consider? Explain in detail. (2 Marks)