Question
The accounting records of Jamaican Importers, Inc., at January 1, 2018, included the following: Assets:Investment in IBM common shares$2,145,000Less: Fair value adjustment(225,000)$1,920,000 No changes occurred
The accounting records of Jamaican Importers, Inc., at January 1, 2018, included the following:
Assets:Investment in IBM common shares$2,145,000Less: Fair value adjustment(225,000)$1,920,000
No changes occurred during 2018 in the investment portfolio.
Required:
Prepare appropriate adjusting entry(s) at December 31, 2018, assuming the fair value of the IBM common shares was:
- $1,401,000
- $1,946,000
- $2,165,000
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Essentials Of Forensic Accounting
Authors: Michael A Crain, William S Hopwood,
1st Edition
1941651100, 978-1941651100
