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Which entries will be made on december

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Problem 1: Oriole Company has notes receivable that have a fair value of $947000 and a carrying amount of $1240000. Oriole decides on December 31, 2020, to use the fair value option for these recently-acquired receivables. Which of the following entries will be made on December 31, 2020 to record the unrealized holding gain/loss?

Option 1: Unrealized Holding Gain or Loss-Equity293000
Notes Receivable293000

Option 2: Unrealized Holding Gain or Loss-Income293000
Notes Receivable293000

Option 3: Notes Receivable293000
Unrealized Holding Gain or Loss-Income293000

Option 4: Notes Receivable293000
Unrealized Holding Gain or Loss-Equity 293000

 

Reference no: EM132687144

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