Prepare appropriate adjusting entry

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Reference no: EM133922925

Problem

The accounting records of Jamaican Importers, Incorporated, at January 1, 2024, included the following:

Assets:
Investment in IBM common shares $ 1,395,000
Less: Fair value adjustment (150,000)
$ 1,245,000
No changes occurred during 2024 in the investment portfolio. Get the instant assignment help.

Prepare appropriate adjusting entry(s) at December 31, 2024, assuming the fair value of the IBM common shares was $1,287,000.

Reference no: EM133922925

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