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Required information

$[$The following information applies to the questions displayed below.$]$

The accounting records of Jamaican Importers, Incorporated, at January $1,2024,$ 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 $2024$ in the investment portfolio.

Required:

Prepare appropriate adjusting entry$($s$)$ at December $31,2024,$ assuming the fair value of the IBM common shares was $$1,175,000.$ Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Journal entry worksheet

$1$

Record the fair value adjustment assuming the fair value of the IBM common shares was $$1,175,000.$

Note: Enter debits before credits,

General Journal

Debit