Reference no: EM132934376
The accounting records of Jamaican Importers, Inc., at January 1, 2021, included the following:
Assets: Investment in IBM common shares$1,795,000
Less: Fair value adjustment (190,000) $1,605,000
No changes occurred during 2021 in the investment portfolio.
Problem 1: Prepare appropriate adjusting entry(s) at December 31, 2021, assuming the fair value of the IBM common shares was: $1,810,000 (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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