Question
he accounting records of Jamaican Importers, Inc., at January 1, 2018, included the following: Assets: Investment in IBM common shares $ 1,495,000 Less: Fair value
he accounting records of Jamaican Importers, Inc., at January 1, 2018, included the following:
Assets:
Investment in IBM common shares $ 1,495,000
Less: Fair value adjustment (160,000 )
$ 1,335,000
No changes occurred during 2018 in the investment portfolio.
Required: Prepare appropriate adjusting entry(s) at December 31, 2018, assuming the fair value of the IBM common shares was:
1. $1,211,000
2.$1,350,000
3.$1,515,000
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Management Accounting Text Problems And Cases
Authors: M Y Khan, P K Jain
6th Edition
125902668X, 978-1259026683
