10 Partially correct Mark 2.00 out of 3.00 Flag question Recording Entries under the Fair Value OptionAFS On October 31, 2020, West Company purchased $10,000 of East Company bonds. West Company plans to hold the bonds for an indefinite period of time. West Company elects to account for the debt investment using the fair value option. a. If the fair value of the East Company bonds were $11,000 at year-end, what adjusting entry would West Company record at December 31, 2020? b. If West Company had not elected the fair value option, what adjusting entry would West Company record at December 31, 2020? Note: If a journal entry isn't required for the transaction, select "N/A" as the account names and leave the Dr. and Cr. answers blank (zero). Date Account Name Dr. Cr. a. Dec. 31, 2020 Fair Value Adjustment--Fair Value Option + 0 x 0 Unrealized Gain or Loss--Income 0 0 x b. Dec. 31, 2020 Fair Value Adjustment--AFS 0 x 0 Unrealized Gain or Loss--OCI 0 x