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.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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
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 $ 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
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