QUESTION 8 XYZ Ltd is preparing its end of year financial statements and wishes to value its five delivery vehicles at fair value. The accountant for XYZ Ltd reviewed recent sales of similar trucks in similar condition and concluded that the fair value of the vehicles is $110,000. On the fair value hierarchy, this value would be classified as what level? Level 1 Level 2 Level 3 Level 1 if the vehicles are new or close to new. Level 2 if the vehicles are not new