Question 1 Marin Inc. commonly issues long-term notes payable to its various lenders. The company has a good credit rating. As a result, its effective borrowing rate is less than 79% on an annual basis. Marin has elected to use the fair value option for the long-term notes issued to First National Bank and has the following data related to the carrying and fair value for these notes. All changes in fair value are due to changes in market rates, not credit risk. Year Ending Carrying Value Fair Valuce 2017 2018 2019 $92,000 $89,700 85,000 86,700 69,40068,800 (a) Prepare the Journal entries at December 31 (Marin's year-end) for 2017, 2018, and 2019, to record the fair value option for these notes. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31, 2017 Dec.31, 2018