Question 7 of 9 - / 1 View Policies Current Attempt in Progress Novak Corporation has elected to use the fair value option for one of its notes payable. The note was issued at an effective rate of 12% and has a carrying value of $20,000. At year-end, Novak's borrowing rate (credit risk) has declined; the fair value of the note payable is now $21,300. (a) Determine the unrealized holding gain or loss on the note. (Enter loss using either a negative sign preceding the number e.g.-2,945 or parentheses e.g. (2,945).) Unrealized Holding Gain or Loss $ e Textbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer (b) The parts of this question must be completed in order. This part will be available when you complete the part above