Waterway Corporation has elected to use the fair value option for one of its notes payable. The note was issued at an effective rate of 11% and has a carrying value of $18,000. At year-end, Waterway's borrowing rate (credit risk) has declined; the fair value of the note payable is now $19,500. (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 eTextbook and Media List of Accounts Save for Later $ Attempts: 0 of 10 used Submit Answer