The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date is called:
Good point! A) face value is definitely not the right answer here. That's more like the value printed on a bond or something, not the actual transaction price.
Hmm, I don't think C) market value is quite right. Market value implies an active, open market, whereas the question is talking about a specific transaction between participants.
I agree, B) fair value seems like the most logical choice. The question is talking about the price that would be received in an orderly transaction, which is the definition of fair value.
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