Exercise 14-19 Marin Company commonly issues long-term notes payable to its various lenders. Marin has had a pretty good credit rating such that its effective borrowing rate is quite low (less than 8% on an annual basis). Marin has elected to use the fair value option for the long-term notes issued to Barday'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. December 31, 2020 December 31, 2021 December 31, 2022 Carrying Value $48,700 42,900 32,400 Fair Value $48,700 41,300 34,600 (a) Prepare the journal entry at December 31 (Marin's year-end) for 2020, 2021, and 2022, to record the fair value option for these notes. (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 Debit Credit Date Dec. 31, 2020 Dec. 31, 2021 Dec. 31, 2022 (b) At what amount will the note be reported on Marin's 2021 balance sheet? Note to be reported on Marin's 2021 balance sheet (c) What is the effect of recording the fair value option on these notes on Marin's 2022 income? The effect of recording the fair value option would result in unrealized holding Click if you would like to Show Work for this question: Open Show Work