Asset JPY is sold in three different active markets.

- In Market I, the price that would be received is \$54; transaction costs are \(\$ 4\) and the transport costs are \(\$ 6\).

- In Market II, the price that would be received is \(\$ 52\); transaction costs are \(\$ 4\) and the transport costs are \(\$ 2\).

- In Market III, the price that would be received is \(\$ 58\); transaction costs are \(\$ 8\) and the transport costs are \(\$ 2\).

Required 1. What is the most advantageous market for Asset JPY and what is its fair value?

2. If the principal market for Asset JPY were Market I, then what would be the fair value of Asset JPY?