The accounting records of Jamaican Importers, Inc., at January 1, 2021, included the following: ...
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Accounting
The accounting records of Jamaican Importers, Inc., at January 1, 2021, included the following:
Assets:
Investment in IBM common shares
$
1,445,000
Less: Fair value adjustment
(155,000)
$
1,290,000
No changes occurred during 2021 in the investment portfolio.
1. Prepare appropriate adjusting entry(s) at December 31, 2021, assuming the fair value of the IBM common shares was: $1,199,000 (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
2. Prepare appropriate adjusting entry(s) at December 31, 2021, assuming the fair value of the IBM common shares was: $1,299,000 (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
3. Prepare appropriate adjusting entry(s) at December 31, 2021, assuming the fair value of the IBM common shares was: $1,460,000 (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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