Brief Exercise 14-14 Ivanhoe Corporation has elected to use the fair value option for one of its notes payable. The note was issued at an effective rate of 12% and has a carrying value of $13,000. At year-end, Ivanhoe's borrowing rate (credit risk) has declined; the fair value of the note payable is now $14,400. 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 Unrealized Holding Gain or Loss Prepare the entry to record any unrealized holding gain or loss. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation