! 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. Exercise 12-17 (Algo) Part 1 $ 1,745,000 (185, 000) $ 1,560,000 Required: 1. Prepare appropriate adjusting entry(s) at December 31, 2024, assuming the fair value of the IBM common shares was $1,283,000. 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 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. Exercise 12-17 (Algo) Part 1 $ 1,745,000 (185, 000) $ 1,560,000 Required: 1. Prepare appropriate adjusting entry(s) at December 31, 2024, assuming the fair value of the IBM common shares was $1,283,000. Note: If no entry is required for a transaction/event, select "No Journal entry required" in the first account field. View transaction list

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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 $ 1,995,000 (210,000) No changes occurred during 2024 in the Investment portfolio. $ 1,785,000 Exercise 12-17 (Algo) Part 1 Required: 1. Prepare appropriate adjusting entry(s) at December 31, 2024, assuming the fair value of the IBM common shares was $1,359,000. Note: If no entry is required for a transaction/event, select "No journal entry required" In the first account field. View transaction list Journal entry worksheet 1 Record the fair value adjustment assuming the fair value of the IBM common shares was $1,359,000. Note: Enter debits before credits. Transaction General Journal Debit Credit
A28
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ACCT 102 Do Subparts C1, C2, and D(Thank You!) GIVEN: A1 = $416,000 A2 = $28,000 B = Photo Provided C1 asks for "Marketable Securities"(Prior to Yr 2) C2 asks to determine "Unrealized Holding Gain (or loss) on Investments(Prior to Yr 2) D asks for a "schedule showing the cost and market value of securities owned at end of Yr 2"
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Journal entry worksheet < 1 Record the fair value adjustment assuming the fair value of the IBM common shares was $1,610,000. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit View general journal