Exercise 12-17 (Algo) Equity investments; fair value through net income [LO12-5]

[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	$	2,045,000
Less: Fair value adjustment		(215,000	)
	$	1,830,000

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: $1,373,000 (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

2. Prepare appropriate adjusting entry(s) at December 31, 2021, assuming the fair value of the IBM common shares was: $1,860,000 (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

3. Prepare appropriate adjusting entry(s) at December 31, 2021, assuming the fair value of the IBM common shares was: $2,075,000 (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)