(Answered) Question - larkspur corporation has elected to use the fair

Accounting

Question - Larkspur Corporation has elected to use the fair value option for one of its notes payable. The note was issued at an effective rate of 10% and has a carrying value of $15,000. At year-end, Larkspur's borrowing rate (credit risk) has declined; the fair value of the note payable is now $16,300.

Determine the unrealized holding gain or loss on the note.

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