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What circumstance makes it more appropriate to use the fair value principle rather than the historical cost principle in reporting an asset? The market price

What circumstance makes it more appropriate to use the fair value principle rather than the historical cost
principle in reporting an asset?
The market price of the asset is readily available and accurate.
The asset never undergoes depreciation, but the seller reports a gain or loss upon sale of the asset.
The asset undergoes depreciation over time.
The value of the asset depends on the specific agreement between the buyer and seller.
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