The accounting records of Jamaican Importers, Incorporated, at January 1, 2024, included the following: Assets: Investment in IBM common shares Less: Fair value adjustment $ 1,695,000 (180,000) $ 1,515,000 No changes occurred during 2024 in the investment portfolio. Exercise 12-17 (Algo) Part 1 Required: 1. Prepare appropriate adjusting entry(s) at December 31, 2024, assuming the fair value of the IBM common shares was $1,267,000. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.