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list of accounts for ll parts of this question is below Question 1 Harper Company commonly issues long-term notes payable to its various lenders. Harper
list of accounts for ll parts of this question is below
Question 1 Harper Company commonly issues long-term notes payable to its various lenders. Harper has had a pretty good credit rating such that its effective borrowing rate is quite low (less than 8% on an annual basis). Harper 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. Carrying Fair Value 135,000 107,000 97,000 Value December 31, 2017 December 31, 2018 December 31, 2019 135,000 112,000 90,000 Prepare the adjusting entry at December 31 (Harper's year-end) for 2017, 2018, and 2019 to record the fair value option for these notes. (Credit account tities are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit December 31, 2017 Date Account Titles and Explanation Debit Credit December 31, 2018 Date Account Titles and Explanation Debit Credit December 31, 2019Step by Step Solution
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