Question 4 (1 point) Sandy Ltd (Sandy) measures its investment in Bill Ltd (Bill) shares at fair value. Bill shares are listed and actively traded on the stock exchange. Which one of the following valuations should Sandy use to measure its investment in shares in Bill in its financial statements at 30 June 2023? A) the closing price of Bill shares on the stock market at 30 June 2023 B) an estimate derived from a model that uses Sandy's estimates of Bill's future profits and required rate of return C) an estimate derived from a model that uses observable industry growth rates and past cash flows D) the average price of Bill shares on the stock market from 1 June 2023 to 30 June 2023