Eastwood Enterprises owns 30,000 shares of the Van Cleef Company (5% of the outstanding equity of Van Cleef). Eastwood is trying to determine Van Cleef's fair value. The relevant facts are as follows: Eastwood bought the Van Cleef shares earlier in the accounting period for $10/share at a time when the shares were publicly traded on the New York Stock Exchange. Since Eastwood bought the shares, Van Cleef has been delisted and there is no longer an active market in the Van Cleef shares. Eastwood's internal valuation specialist estimates the Van Cleef shares to be worth $8/share. Eastwood plans to continue holding the shares, but may someday sell them if their value increases sufficiently.

Prepare a journal entry to record any necessary fair value adjustment.