Exercise 14-19 Crane Company com monly issues long-term notes payable to its various lenders. Crane has had a pretty good credit rating such that its effective borrowing rate is quite low less than 8% on an annual basis Crane has elected to use the fair value option for the long-term notes issued to Barclay's Bank and has the following data related to the carrying and fair value for these notes. Any changes in fair value are due to changes in market rates, not credit risk Carrying Value Fair Value December 31, 2017 December 31, 2018 December 31, 2019 $52,200 44,900 35,300 $52,200 43,300 37,200 (a) Prepare the journal entry at December 31 (Crane's year-end) for 2017, 2018, and 2019, to record the fair value option for these notes. (If no 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.) Date Account Titles and Explanation Debit Credit Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2019 (b) At what amount will the note be reported on Crane's 2018 balance sheet? Note to be reported on Crane's 2018 balance sheet (c) What is the effect of recording the fair value option on these notes on Crane's 2019 income? The effect of recording the fair value option would result in unrealized holding of