Required information 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 Less: Fair value adjustment No changes occurred during 2021 in the investment portfolio. Exercise 12-17 (Algo) Part 1 $1,445,000 (155,000) $1,290,000 Required: 1. Prepare appropriate adjusting entry(s) at December 31, 2021, assuming the fair value of the IBM common shares was: $1,199,000 (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Exercise 12-17 (Algo) Part 1 Required: 1. Prepare appropriate adjusting entry(s) at December 31, 2021, assuming the fair value of the IBM common shares was: $1,199,000 (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 < 1 Record the fair value adjustment assuming the fair value of the IBM common shares was $1,199,000. Note: Enter debits before credits. Transactions 1 General Journal Debit Credit