Marigold Company commonly issues long-term notes payable to its various lenders. Marigold has had a pretty good credit rating such that its effective borrowing rate is quite low (less than 8% on an annual basis). Marigold has elected to use the fair value option for the long-term notes issued to Barclays 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		$57,400		$57,400
December 31, 2018		43,300		41,800
December 31, 2019		35,900		37,900

(a) Prepare the journal entry at December 31 (Marigolds year-end) for 2017, 2018, and 2019, to record the fair value option for these notes.

I tried 3500 and 1500 and neither work. I also can't find the loss value.

CALCULATOR (a) Prepare the journal entry at December 31 Entry" (Marigold's year-end) for 2017, 2018, and 2019, to record the fair value option for the for the account titles and enter 0 for the amou nts.Credi t account titles are automatically indented when amou Da te Account Titles and Explanation Debit Credit Dec. 31, 2017 Entry 0 No Entry Dec. 31, 2018 [Notes Payable 1500 Unrealized Holding Gain or Loss Income 1500 Dec. 31, 2019 Holding Unrealized Holding Gain or Loss - Income 3500 Notes Payable 3500 b) At what amount will the note be reported on Marigold's 2018 balance sheet? ote to be reported on Marigold's 2018 balance sheet l ) What is the effect of recording the fair value option on these notes on Marigold's 2019 income? e effect of recording the fair value option would result in unrealized holding ten ) of 41800 2500 At