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Question: harper company commonly issues longterm notes payable to its various...

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Harper Company commonly issues long-term notes payable to its various lenders. Harper has had a pretty good credit rating such that its effective borrowing rate i data related to the carrying and fair value for these notes. Carrying Value Fair Value December 31, 2017 $135,000 $135,000 December 31, 2018 112,000 107,000 0,00097,000 December 31, 2019 Prepare the adjusting entry at December 31 (Harpers 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 tidles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit December 31, 2017 Date Account Titles and Explanation Debit Credit December 31, 2018 Date Account Titles and Explanation Debit Credit December 31, 2019 At what amount w the note be reported on Harper s 2015 balance sheet?
December 31, 2018 112,000 107,000 90,000 97,000 31, 2019 90,000 9,000 Prepare the adjusting entry at December 31 (Harpers 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 0 for the amounts.) Date Account Titles and Explanation Debit Credit December 31, 2017 Date Account Titles and Explanation Debit Credit December 31, 2018 Date Account Titles and Explanation Debit Credit December 31, 2019 At what amount will the note be reported on Harpers 2018 balance sheet Amount What is the effect of recording the fair value option on these notes on Harpers 2019 income? Income wil
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