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 11% and has a carrying value of $19,000. At year-end, Blue's borrowing rate (credit risk) has declined; the fair value of the note payable is now $20,900.

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 11% and has a carrying value of $19,000. At year-end, Blue's borrowing rate (credit risk) has declined; the fair value of the note payable is now $20,900. 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 $._ Prepare the entry to record any unrealized holding gain or loss. (Ifno entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Accmmt Titles and Explanation Debit Credit