Kingbird Company commonly issues long-term notes payable to its various lenders. Kingbird has had a pretty good credit rating such that its effective borrowing rate is quite low (less than 8% on an annual basis). Kingbird 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. December 31, 2020 December 31, 2021 December 31, 2022 Carrying Value Fair Value $51,800 $51,800 42,100 40,600 36,300 38,300 (a) Prepare the journal entry at December 31 (Kingbird'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 0 for the amounts.Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Dec 31, 2020 Dec. 31. 2021 Dec. 31, 2022 (b) At what amount will the note be reported on Kingbird's 2021 balance sheet? Note to be reported on Kingbird's 2021 balance sheet $ (c) What is the effect of recording the fair value option on these notes on Kingbird's 2022 income? The effect of recording the fair value option would result in unrealized holding of $