Pina Company commonly issues long-term notes payable to its various lenders. Pina has had a pretty good credit rating such that its effective borrowing rate is quite low (less than 8% on an annual basis). Pina 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

December 31, 2020

$51.800

$51,800

December 31, 2021

42,100

40.600

December 31, 2022

36.300

38.300

Pina Company commonly issues long-term notes payable to its various lenders. Pina has had a pretty good credit rating such that its effective borrowing rate is quite low (less than B% on an annual basis). Pina 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 carrving and fair value for these notes. Any changes in fair value are due to changes in market rates, not eredit risk. (a) Prepare the journal entry at December 31 (Pinas vear-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 ofor the aniounts. Credit occount tiftes are automatically indented when amount is entered. Do not indent manuallyd