Exercise 1419 Sheridan Company commonly issues long-term notes payable to its various lenders. Sheridan has had a pretty good credit rating such that its effective borrowing rate is quite low (less than 8% on an annual basis). Sheridan 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. Carrying Value Fair Value December 31, 2017 December 31, 2018 December 31, 2019 $57,700 44,700 36,200 $57,700 43,400 38,300 (a) Prepare the journal entry at December 31 (Sheridan'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 O 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