Items Measured at Fair Value for Disclosure Only Considering the excerpts from Wells Fargo's annual report, respond to the following questions. 1. Describe the valuation method used by Wells Fargo to estimate the fair value of its own longterm debt. 2. What level in the fair value hierarchy is predominantly assigned to Wells Fargo's long-term debt? Explain, in light of the valuation technique, why this level is appropriate. 3. Choose an additional asset or liability from the preceding table and explain why you think it is included in this disclosure. Also, brainstorm how the company may have arrived at the chosen fair value hierarchy level for this item. 4. What rationale does the FASB give for eliminating this disclosure requirement? Do you agree