Question: a. Entities are required to use a fair value hierarchy. Why? b. There are three levels of inputs that may be used to measure fair

a. Entities are required to use a fair value hierarchy. Why?
b. There are three levels of inputs that may be used to measure fair value. What are the three levels and describe each.
c. For Merck & Co., Inc. describe the assets and liabilities for each level of inputs.

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