The fair value of long-term debt
a. is the amount the firm would have to pay to repurchase the debt on the market in an orderly transaction on the measurement date.
b. is the market price of the bonds on that date, if the bonds trade in an active market.
c. is the present value of the contractual cash payments discounted at the interest rate a lender would require on the measurement date, if the fair value of bonds are not actively traded.
d. all of the above
e. none of the above
D
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