Antique Company has notes receivable that have a fair value of $920,000 and a carrying amount of $710,000. Antique decides on December 31, 2014, to use the fair value option for these recently-acquired receivables. The adjusting entry to record this change will include a:a. debit to Unrealized Holding Gain or Loss⎯Income for $210,000. b. credit to Notes Receivable for $210,000. c. credit to Unrealized Holding Gain or Loss⎯Income for $210,000. d. debit to Notes Receivable for $920,000.
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Home » Business » Antique Company has notes receivable that have a fair value of $920,000 and a carrying amount of $710,000. Antique decides on December 31, 2014, to use the fair value option for these recently-acquired receivables.