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The accounting records of Jamaican Importers, Inc., at January 1, 2021, included the following:
| Assets: | ||||
| Investment in IBM common shares | $ | 1,995,000 | ||
| Less: Fair value adjustment | (210,000 | ) | ||
| $ | 1,785,000 | |||
No changes occurred during 2021 in the investment portfolio.
Required: 1. Prepare appropriate adjusting entry(s) at December 31, 2021, assuming the fair value of the IBM common shares was: $1,359,000 (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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