Current Attempt in Progress Blossom Company commonly issues long-term notes payable to its various lenders. Blossom has had a pretty good credit rating such that its effective borrowing rate is quite low (less than 8% on an annual basis) Blossom has elected to use the fair value option for the long-term notes issued to Barclay's Bank and has the following data related to the carrying and fair value for these notes. Any changes in fair value are due to changes in market rates, not credit risk. Carrying Value Fair Value $ 48,700 $ 48700 December 31, 2020 December 31, 2021 42.900 41,300 December 31, 2022 32.400 34,600 i indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit Dec. 31, 2020 Dec 31, 2021 Dec 31, 2022 1 (b) At what amount will the note be reported on Blossom's 2021 balance sheet? Note to be reported on Blossom's 2021 balance sheet $ (c) What is the effect of recording the fair value option on these notes on Blossom's 2022 income? The effect of recording the fair value option would result in unrealized holding ol s