Fallen Company commonly issues long-term notes payable to its various lenders. Fallen has had a pretty good credit rating such that its effective borrowing rate is quite low (less than 8% on an annual basis). Fallen has elected to use the fair value option for the long-term notes issued to Barclays Bank and has the following data related to the carrying and fair value for these notes. Carrying Value Fair Value December 31, 2012 $54,000 $54,000 December 31, 2013 44,000 42,500 December 31, 2014 36,000 38,000 (a) Prepare the journal entry at December 31 (Fallens year-end) for 2012, 2013, and 2014, to record the fair value option for these notes. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31, 2012 Dec. 31, 2013 Dec. 31, 2014 (b) At what amount will the note be reported on Fallens 2013 balance sheet? Note to be reported on Fallens 2013 Balance Sheet $ (c) What is the effect of recording the fair value option on these notes on Fallens 2014 income? The effect of recording the fair value option would result in unrealized holding of $