RED Co.'s assets have a carrying amount of P200,000 before year-end adjustments. The PFRSs require these assets to be measured at the fair value at each reporting date. Location is a characteristic of the asset. Information at year end are a follow: Active Market #1 Quoted price P 400,000, Transport cost, P50,000, Cost to sell 15,000 and Active Market #2 Quoted price 450,000, Transport costs 20,000 and Cost to sell, P5,000. If Active Market # is the principal market for RED CO's biological assets, ow much is the fair value? If neither Active Market #1 nor Active Market #2 is the principal market, how much is the fair value? *

a. P350,000 and P430,000

b. P350,000 and P425,000

c. PP335,000and P430,000

d. P335,000 and P425,000