Question
The accounting records of Jamaican Importers, Inc., at January 1, 2018, included the following: Assets: Investment in IBM common shares $ 1,995,000 Less: Fair value
The accounting records of Jamaican Importers, Inc., at January 1, 2018, included the following:
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| Assets: |
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| Investment in IBM common shares | $ | 1,995,000 |
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| Less: Fair value adjustment |
| (210,000 | ) |
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| $ | 1,785,000 |
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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:
- $1,359,000
- $1,810,000
- $2,010,000
(If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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Effective Writing A For Accountants
Authors: Claire B. May, Gordon S. May
11th Edition
0134667387, 9780134667386
