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Prepare appropriate adjusting entry

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Question - The accounting records of Jamaican Importers Inc. at January 1, 2011 included the following:

Assets:

Investment in IBM common shares $1,345,000

Less: Fair value adjustments -145,000

$1,200,000

Shareholders' Equity:

Accumulated unrealized holding gains and losses $145,000

No changes occurred during 2011 in the investment portfolio.

Required: Prepare appropriate adjusting entry (s) at December 31, 2011, assuming the fair value of the IBM common shares was:

$1,175,000

$1,275,000

$1,375,000

Reference no: EM131802762

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