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

Marin Company commonly issues long-term notes payable to its various lenders. Marin has had a pretty good credit rating such that its effective borrowing rate is quite low (less than 8% on an annual basis). Marin 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. Any changes in fair value are due to changes in market rates, not credit risk. Carrying Value Fair Value December 31, 2020 $57,400 $57,400 December 31, 2021 43,300 41,800 December 31, 2022 35,900 37,900 (a) Prepare the journal entry at December 31 (Marins 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.) (b) At what amount will the note be reported on Marins 2021 balance sheet? Note to be reported on Marins 2021 balance sheet $ (c) What is the effect of recording the fair value option on these notes on Marins 2022 income? The effect of recording the fair value option would result in unrealized holding of

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