The accounting records of Jamaican Importers, Inc., at January 1, 2021, included the following: E 12-17 Equity investments, fair value through net income .LO12-5 Assets: Investment in IBM common shares $1,345,000 Less: Fair value adjustment (145,000) $1,200,000 No changes occurred during 2021 in the investment portfolio. Required: Prepare appropriate adjusting entry(s) at December 31, 2021, assuming the fair value of the IBM common shart was 1. $1,175,000 2. $1,275,000 3. $1,375,000