FAIR VALUE, under GAAP, is the amount at which an asset could be bought or sold in a current transaction between willing parties, other than in liquidation. On the other side of the balance sheet, the fair value of a liability is the amount at which that liability could be incurred or settled in a current transaction between willing parties, other than in liquidation.
CAPITAL SURPLUS is an archaic term. See PREMIUM ON CAPITAL STOCK.
MORTGAGE BOND is a bond in which the issuer has granted the bondholders a lien against the pledged assets.
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