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Just need the blanks filled in! The options for general journal are: Gain on investments (NI), Gain on investments (unrealized, NI), Gain on investments (unrealized,
Just need the blanks filled in!
The options for general journal are:
Gain on investments (NI), Gain on investments (unrealized, NI), Gain on investments (unrealized, OCI), Loss on investments (NI), Loss on investments (unrealized, NI), Loss on investments (unrealized, OCI)
Please answer specifically with one of the above!!
The accounting records of Jamaican Importers, Inc., at January 1, 2021, included the following: Assets: Investment in IBM common shares Less: Fair value adjustment $1,595,000 (170,000) $1,425,000 No changes occurred during 2021 in the investment portfolio. Record the fair value adjustment assuming the fair value of the IBM common shares was $1,235,000. Hote: Enter debits before credits. General Journal Credit Transactions 1 Debit 190,000 Fair value adjustment 190,000 Record the fair value adjustment assuming the fair value of the IBM common shares was $1,510,000. Note: Enter debits before credits. Transactions Credit General Journal Fair value adjustment Debit 85,000 1 85,000 Record the fair value adjustment assuming the fair value of the IBM common shares was $1,610,000. Note: Enter debits before credits. Debit Credit Transactions 1 General Journal Fair value adjustmentStep by Step Solution
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