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Required information [The following information applies to the questions displayed below.] The accounting records of Jamaican...

Required information

[The following information applies to the questions displayed below.]


The accounting records of Jamaican Importers, Inc., at January 1, 2021, included the following:

Assets:
Investment in IBM common shares $ 2,245,000
Less: Fair value adjustment (235,000 )
$ 2,010,000


No changes occurred during 2021 in the investment portfolio.

Required:
1. Prepare appropriate adjusting entry(s) at December 31, 2021, assuming the fair value of the IBM common shares was: $1,429,000

2. Prepare appropriate adjusting entry(s) at December 31, 2021, assuming the fair value of the IBM common shares was: $2,032,000

3. Prepare appropriate adjusting entry(s) at December 31, 2021, assuming the fair value of the IBM common shares was: $2,260,000

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Answer #1
Adjustment entry:
Req. no. Date Accounts Title Debit $ Credit $
1 31-Dec-21 Unrealised Loss on Investment 581000 (2010000-1429000)
Investment in IBM common shares 581000
(adjustment entry on reduction of fair value of investment)
2 31-Dec-21 Investment in IBM common shares 22000 (2032000-2010000)
Unrealised Loss on Investment 22000
(adjustment entry on appreciation of fair value of investment)
3 31-Dec-21 Investment in IBM common shares 250000 (2260000-2010000)
Unrealised Loss on Investment 235000
Unrealised Income on Investment 15000
(adjustment entry on appreciation of fair value of investment)
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