In the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC), go to Topic 820, Fair Value Measurement. In a 1 to 2 page single spaced memo answer the following questions. Include ASC citations were applicable. 1. What is the definition of fair value? 2. The definition of fair value includes the term market participants. What are the characteristics of market participants? 3. Is fair value an "entry price or exit price? 4. A transaction is assumed to occur in the principal market for an asset or liability. What is the principal market? 5. If no principal market exists, in what market is a transaction assumed to occur? 6. The fair value measurement for an asset is based on the highest and best use by market participants. What does this term mean? 7. For liabilities, what assumptions are made regarding fair value measurements? 8. Topic 820 lists three valuation techniques. List and briefly describe each of these approaches. 9. Topic 820 gives a fair value hierarchy of the inputs to the valuation techniques. List and briefly describe the three levels of the hierarchy