Shonen Knife 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 $16,790. At year-end, Shonen Knifes borrowing rate has declined; the fair value of the note payable is now $18,340. (a) Determine the unrealized holding gain or loss on the note. Unrealized Holding Gain or Loss $ (b) Prepare the entry to record any unrealized holding gain or loss.