Question: 23. Pierre SA has a 12% note payable with a carrying value of 20,000. Pierre applies the fair value option to this note; given a

23. Pierre SA has a 12% note payable with a carrying value of €20,000.

Pierre applies the fair value option to this note; given a decrease in market interest rates, the fair value of the note is €22,600. Prepare the entry to record the fair value option for this note.

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