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The accounting records of Jamaican Importers, Inc., at January 1, 2018, included the following: Assets: Investment in IBM common shares $ 2,345,000 Less: Fair value

The accounting records of Jamaican Importers, Inc., at January 1, 2018, included the following:

Assets:
Investment in IBM common shares $ 2,345,000
Less: Fair value adjustment (245,000 )
$ 2,100,000

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. $1,457,000

2. $2,118,000

3. $2,365,000

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