Required Information Exercise 12-17 (Algo) Equity investments; fair value through net income [LO12-5] [The following information applies to the questions displayed below.] The accounting records of Jamaican Importers, Incorporated, at January 1, 2024, included the following: Assets: Investment in IBM common shares Less: Fair value adjustment No changes occurred during 2024 in the investment portfolio. $ 1,745,000 (185,000) $ 1,560,000 Exercise 12-17 (Algo) Part 3 3. Prepare appropriate adjusting entry(s) at December 31, 2024, assuming the fair value of the IBM common shares was $1,755,000. Note: If no entry is required for a transaction/event, select "No Journal entry required" in the first account field.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Required information
Exercise 12-17 (Algo) Equity investments; fair value through net income [LO12-5]
[The following information applies to the questions displayed below.]
The accounting records of Jamaican Importers, Incorporated, at January 1, 2024, included the following:
Assets:
Investment in IBM common shares
Less: Fair value adjustment
No changes occurred during 2024 in the investment portfolio.
$ 1,745,000
(185, 000)
$ 1,560,000
Exercise 12-17 (Algo) Part 3
3. Prepare appropriate adjusting entry(s) at December 31, 2024, assuming the fair value of the IBM common shares was $1,755,000.
Note: If no entry is required for a transaction/event, select "No Journal entry required" in the first account field.
View transaction list
Transcribed Image Text:Required information Exercise 12-17 (Algo) Equity investments; fair value through net income [LO12-5] [The following information applies to the questions displayed below.] The accounting records of Jamaican Importers, Incorporated, at January 1, 2024, included the following: Assets: Investment in IBM common shares Less: Fair value adjustment No changes occurred during 2024 in the investment portfolio. $ 1,745,000 (185, 000) $ 1,560,000 Exercise 12-17 (Algo) Part 3 3. Prepare appropriate adjusting entry(s) at December 31, 2024, assuming the fair value of the IBM common shares was $1,755,000. Note: If no entry is required for a transaction/event, select "No Journal entry required" in the first account field. View transaction list
Required information
< 1
Record the fair value adjustment assuming the fair value of the IBM common
shares was $1,755,000.
Note: Enter debits before credits.
Transaction
1
Record entry
General Journal
Clear entry
Debit Credit
View general journal
Transcribed Image Text:Required information < 1 Record the fair value adjustment assuming the fair value of the IBM common shares was $1,755,000. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit View general journal
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