Required information [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 $1,945,000 (205,000) $1,740,000 No changes occurred during 2021 in the investment portfolio. 3. Prepare appropriate adjusting entry(s) at December 31, 2021, assuming the fair value of the IBM common shares was: $1,970,000 (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 Record the fair value adjustment assuming the fair value of the IBM common shares was $1,970,000. Note: Enter debits before credits. Transactions General Journal Debit Credit 1 Record entry Clear entry View general journal