Recommended time to complete: 9.6 minutes Suggested word length for short written answer: Approximately 75 100 words in total for Parts a) and c) Furniture Ltd holds an asset that is traded in three (3) different locations within a principal market, Hobert, Melbourne and Perth. Furniture Ltd has access to all locations at the measurement date. Furniture Ltd has adopted a same day delivery customer service policy as location is considered an important characteristic of the asset. Hobert Melbourne Perth market market market Annual sales 1,000 800 1.200 volume (units) Sales price $5,500 $5,400 per unit $5,200 4 Transactions $450 $420 $480 costs per unit Transport $795 $650 $950 costs per unit auto.proctoru.com Transactions $450 $420 $480 costs per unit Transport $795 $650 $950 costs per unit Required: Considering AASB 13: Fair Value Measurement and using the information from this question: a) explain which location is the principal market for the asset, provide reasons (2 marks); b) determine the fair value amount of the asset held by Furniture Ltd (1 mark); and c) explain how the fair value would be determined assume there was no principal market and calculate the fair value of the asset (3 marks). Include all workings. Paragraph references from AASB 13 are not required in your answers.