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 $2,245,000 (235,000) $2,010,000 No changes occurred during 2021 in the investment portfolio. Exercise 12-17 (Algo) Part 2 2. Prepare appropriate adjusting entry(s) at December 31, 2021, assuming the fair value of the IBM common shares was: $2,032,000 (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No Transactions General Journal Debit Credit 1 1 No journal entry required