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Penelope Limited has an asset that needs its fair value measured in terms of IFRS 13 Fair value measurement. The accountant is unsure what the fair value would be. He has summarised the information he has on hand for your benefit. The asset could be sold either in Windhoek or Walvis- bay. - If the asset is sold in Windhoek, the selling price will be N$10800, the transport costs will be N$1200 and the transaction costs would be N$1200. - If the asset is sold in Walvis- bay, the selling price will be N$10000, the transport costs will be N$800 and the transaction costs would be N$400. Required Explain how the fair value should be measured assuming that (a) Windhoek is the principal market (4 marks) (b) Walvis-bay is the principal market (4 marks) (c) There is no principal market (12 marks)