Question: Kingbird Company commonly issues long-term notes payable to its various lenders. Kingbird has had a pretty good credit rating such chat its effective borrowing rate

Kingbird Company commonly issues long-term notes payable to its various lenders.

Kingbird Company commonly issues long-term notes payable to its various lenders. Kingbird has had a pretty good credit rating such chat its effective borrowing rate is quite low (less than 8% on an annual basis). Kingbird has elected to use the fair value option for the ong-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. a) Prepare the journal entry at December 31 (Kingbird's year-end) for 2020, 2021, and 2022, 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.)

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