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The accounting records of Jamaican Importers, Inc., at January 1, 2021, Included the following: Assets: Investment in IBM common shares Less: Fair value adjustment $1,345,000 (145,000) $1,200,000 No changes occurred during 2021 in the investment portfolio. Exercise 12-17 (Static) Part 1 Required: 1. Prepare appropriate adjusting entry(s) at December 31, 2021, assuming the fair value of the IBM common shares was: $1,175,000 (If no entry is required for a transaction/event, select "No Journal entry required" in the first account field.) View transaction list Journal entry worksheet