Bonita 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 $19,000. At year-end, Bonita’s borrowing rate (credit risk) has declined; the fair value of the note payable is now $20,800.
Determine the unrealized holding gain or loss on the note. (Enter loss using either a negative sign preceding the number e.g. -2,945 or parentheses e.g. (2,945).)
Unrealized Holding Gain or Loss
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