Exercise 17-21 Presented below is selected information related to the financial instruments of Shamrock Company at December 31, 2020. This is Shamrock Company's first year of operations. Investment in debt securities intent is to hold to maturity) Investment in Chen Company stock Bonds payable Carrying Amount $41,800 784,000 234,900 Fair Value (at December 31) $42,700 893,200 210,900 (a) Shamrock elects to use the fair value option for these investments. Assuming that Shamrock's net income is $93,500 in 2020 before reporting any securities gains or losses, determine Shamrock's net income for 2020. Assume that the difference between the carrying value and fair value is due to credit deterioration. Shamrock's net income for 2020 (b) Record the journal entry, if any, necessary at December 31, 2020, to record the fair value option for the bonds payable. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Debit Credit Date Account Titles and Explanation Dec. 31, 2020