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Prepare appropriate adjusting entry(s) at December 31, 2021, assuming the fair value of the IBM...

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Accounting

imagePrepare appropriate adjusting entry(s) at December 31, 2021, assuming the fair value of the IBM common shares was: $1,457,000

5) The following information applies to the questions displayed below.) The accounting records of Jamaican Importers, Inc. at January 1, 2021. Included the following: Assets: Investment in IBM common shares Less: Fair value adjustment $2,345,000 (245.000) $2,100,000 No changes occurred during 2021 in the investment portfolio Exercise 12-17 (Algo) Part 1 Required: 1. Prepare appropriate adjusting entry(s) at December 31, 2021, assuming the fair value of the IBM common shares was: $1,457,000 (If no entry required for a transaction/event, select "No journal entry required in the first account field.)

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