Blue Corporation has elected to use the fair value option for one of its notes payable. The note was issued at an effective rate of $10\%$ and has a carrying value of $$18,000.$ At year$-$end, due to a change in credit risk, Blue's borrowing rate has declined; the fair value of the note payable is now $$19,600.$

$($a$)$

Your answer is incorrect.

Determine the unrealized holding gain or loss on the note. $($Enter loss using either a negative sign preceding the number e$.$g$.-2,945$ or parentheses e$.$g$.(2,945).)$

Unrealized Holding Gain or Loss $

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$($b$)$

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