$[$The following information applies to the questions displayed below.$]$

The accounting records of Jamaican Importers, Incorporated, at January $1,2024,$ 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 $2024$ in the investment portfolio.

Required:

$1.$ Prepare appropriate adjusting entry$($s$)$ at December $31,2024,$ assuming the fair value of the IBM common shares was $$1,331,000.$