Jacobias Ltd owns an asset, which they have elected to measure at fair value under AASB 116 Property, Plant and Equipment.

This asset is sold in three different active markets. Jacobias Ltd does not regularly trade in any of the markets. Relevant information about these markets is as follows:

	Market A	Market B	Market C
Annual market volume (units)	6 500	5 500	6 000
Market price (per unit)	$ 58 000	$ 58 000	$ 60 000
Transaction costs	1 500	1 000	2 000
Costs to transport to market	2 000	1 500	3 000

Required: Determine the fair value of the asset. Show all calculations and briefly explain your answer with reference to AASB 13 where appropriate.