What is "fair value"? O a. The present value of the future cash flows expected to be derived from an asset. Ob. The amount obtainable from the sale of an asset in an arm's length transaction less the costs of disposal. OC The amount obtainable from the sale of an asset in an arm's-length transaction between knowledgeable, willing parties. O d. The higher of an asset's fair value less costs to sell and its value in use, What is an "operating" cycle? O a. A cycle that involves the purchase of items such as inventory, production, sales, delivery of goods or provision of services; and receipts from customers. ob. A cycle where there is receipt of funding from investors, those funds are used to generate returns from investments and operations, and then the funds are returned to investors. OC. A cycle where a property is purchased that has long-term future benefits for the enterprise, which ultimately results in cash inflows, and then the property is disposed of. Od. A cycle of transactions that converts cash inflows to cash outflows, or vice versa