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
Homework Answers
| 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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The accounting records of Jamaican...
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