The accounting records of Jamaican Importers, Inc., at January 1, 2018, included the following: ...
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Accounting
The accounting records of Jamaican Importers, Inc., at January 1, 2018, included the following:
| Assets: |
|
| Investment in IBM common shares | $ 1,345,000 |
| Less: Fair value adjustment | (145,000) |
|
| $ 1,200,000 |
| Shareholders Equity: |
|
| Accumulated unrealized holding gains and losses | $ 145,000 |
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) $1,175,000
2) $1,275,000
3) $1,375,000
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