Required information [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 $ 1,445,000 (155,000) No changes occurred during 2024 in the investment portfolio. $ 1,290,000 Required: 1. Prepare appropriate adjusting entry(s) at December 31, 2024, assuming the fair value of the IBM common shares was $1,199,000. 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 $1,199,000. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Record entry Clear entry View general journal
Required information [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 $ 1,445,000 (155,000) No changes occurred during 2024 in the investment portfolio. $ 1,290,000 Required: 1. Prepare appropriate adjusting entry(s) at December 31, 2024, assuming the fair value of the IBM common shares was $1,199,000. 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 $1,199,000. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Record entry Clear entry View general journal
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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please step by steps and excel form answer.
![Required information
[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
$ 1,445,000
(155,000)
No changes occurred during 2024 in the investment portfolio.
$ 1,290,000
Required:
1. Prepare appropriate adjusting entry(s) at December 31, 2024, assuming the fair value of the IBM common shares was $1,199,000.
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 $1,199,000.
Note: Enter debits before credits.
Transaction
1
General Journal
Debit
Credit
Record entry
Clear entry
View general journal](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9b0b5d9d-ae4e-4d54-8f72-f44fce3af9ef%2Fd88f8427-8b3b-456e-abff-df8430597dd1%2Fb3pv3i_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[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
$ 1,445,000
(155,000)
No changes occurred during 2024 in the investment portfolio.
$ 1,290,000
Required:
1. Prepare appropriate adjusting entry(s) at December 31, 2024, assuming the fair value of the IBM common shares was $1,199,000.
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 $1,199,000.
Note: Enter debits before credits.
Transaction
1
General Journal
Debit
Credit
Record entry
Clear entry
View general journal
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