The accounting records of Jamaican Importers, Inc., at January 1, 2021, included the following:

Assets:
Investment in IBM common shares	$	2,245,000
Less: Fair value adjustment		(235,000	)
	$	2,010,000

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: $1,429,000 (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Record the fair value adjustment assuming the fair value of the IBM common shares was $1,429,000.

2. Prepare appropriate adjusting entry(s) at December 31, 2021, assuming the fair value of the IBM common shares was: $2,032,000 (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Record the fair value adjustment assuming the fair value of the IBM common shares was $2,032,000.

3. Prepare appropriate adjusting entry(s) at December 31, 2021, assuming the fair value of the IBM common shares was: $2,260,000 (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Record the fair value adjustment assuming the fair value of the IBM common shares was $2,260,000.