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The accounting records of Jamaican Importers, Inc., at January 1, 2018, included the following: Assets: Investment in IBM common shares $ 1,895,000 Less: Fair value
The accounting records of Jamaican Importers, Inc., at January 1, 2018, included the following:
| Assets: | ||||
| Investment in IBM common shares | $ | 1,895,000 | ||
| Less: Fair value adjustment | (200,000 | ) | ||
| $ | 1,695,000 | |||
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:
- $1,331,000
- $1,770,000
- $1,920,000
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