Shonen knife corporation has elected to use the fair value, Financial Accounting

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Shonen knife corporation has elected to use the fair value

Shonen Knife Corporation has elected to use the fair value option for one of its notes payable. The note was issued at an effective rate of 11% and has a carrying value of $16,000. At year-end, Shonen Knife's borrowing rate (credit risk) has declined; the fair value of the note payable is now $17,500. (a) Determine the unrealized holding gain or loss' on the note. (b) Prepare the entry to record any unrealized holding gain or loss

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Financial Accounting: Shonen knife corporation has elected to use the fair value

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Financial Accounting: Shonen knife corporation has elected to use the fair value

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