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. $ 2,095,000 (220,000) $ 1,875,000 Required: 1. Prepare appropriate adjusting entry(s) at December 31, 2024, assuming the fair value of the IBM common shares was $1,387,000. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
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. $ 2,095,000 (220,000) $ 1,875,000 Required: 1. Prepare appropriate adjusting entry(s) at December 31, 2024, assuming the fair value of the IBM common shares was $1,387,000. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Journal entry worksheet
<
1
Record the fair value adjustment assuming the fair value of the IBM common
shares was $1,387,000.
Note: Enter debits before credits.
Transaction
1
General Journal
Debit Credit
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
No changes occurred during 2024 in the investment portfolio.
$ 2,095,000
(220,000)
$ 1,875,000
Required:
1. Prepare appropriate adjusting entry(s) at December 31, 2024, assuming the fair value of the IBM common shares was $1,387,000.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
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