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Prepare appropriate adjusting entry

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Question - 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.

Prepare appropriate adjusting entry(s) at December 31, 2021, assuming the fair value of the IBM common shares was: $1,810,000.

Reference no: EM133023008

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