When a firm does not adopt the fair value option, it

Multiple Choice

must disclose the fair value of its long$-$term notes receivable only if the reported value exceeds fair value

still must disclose the fair value of its long$-$term notes receivable but need not disclose the accounts receivable fair value if the fair values approximates the reported value

need not disclose the fair value of its long$-$term notes receivable or accounts receivable

must disclose both the fair value of both notes and accounts receivable under all circumstances