Fair Value Questions:

17. According to ASC Topic 820, the fair value of an asset should be based upon a. The price that would be paid to acquire the asset. b. The price that would be paid to replace the asset. c. The price that would be received to sell the asset. d. The price that the item is appraised at balance sheet date.

18. Which of the following items does not require measurement at fair value on the balance sheet? a. Asset impairments. b. Treasury stock. c. Business combinations. d. Goodwill.

**Please provide computations and explanation. Thank you!!