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Antique Company has notes receivable that have a fair value of $920,000 and a carrying amount of $710,000. Antique decides on December 31, 2014, to
Antique Company has notes receivable that have a fair value of $920,000 and a carrying amount of $710,000. Antique decides on December 31, 2014, to use the fair value option for these recently-acquired receivables. The adjusting entry to record this change will include a:
credit to Notes Receivable for $210,000.
credit to Unrealized Holding Gain or LossIncome for $210,000.
debit to Unrealized Holding Gain or LossIncome for $210,000.
debit to Notes Receivable for $920,000.
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