Which of the following statements is true? Give explanations.
1. Book value is generally equal to market value.
2. Book value and market values are generally not the same; if they were, if it would be by coincidence.
3. Book value is derived by market value.
4. Book value is the value at which buyers and sellers are generally willing to buy or sell an asset. Market values are generally irrelevant.
5. None of the above.