Use the information below to determine which of the following statements are correct when fair valuing an asset which does not have quoted market prices: Select one or more correct options and select Submit. Market A is the principal market. If an entity operates only in Market C, but also has access to Market A, the entity should use the price from Market C when measuring fair value of the asset. Narket C is the most advantageous market. If an entity only has access to Market C, the fair value of the asset is 70. Which of the following are characteristics of an asset or liability in the context of fair value measurement? Select one or more correct options and select Submit. The location of an asset. The commission fees to be incurred on disposal of an asset. A shareholder agreement between two out of several shareholders that restricts the two shareholders from selling the shares within a period of four years. Condemned land that is restricted from being used within the next 10 years. An entity holds an equity instrument for which the contractual terms of the instrument restricts sale for a specific period. Regarding the application of fair value measurements to liabilities, choose the correct statements below: Select one or more correct options and select Submit. Determining the price that would be paid to transfer the liability to a market participant at the measurement date assumes that there are no transfer restrictions on the liability. In case of transfer restrictions, the price must be determined based on the amount necessary to settle the liability. Non-performance risk is assumed to be the same before and after the transfer. Non-performance risk is irrelevant when determining the fair value of a non-financial liability. You can only use the value from the perspective of a market participant that holds the asset if the liability is identical and a quoted price for the transfer of the liability is not available