Exercise 12-17 (Algo) Equity investments; fair value through net income [LO12-5] [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 No changes occurred during 2021 in the investment portfolio. ercise 12-17 (Algo) Part 1 quired: Prepare appropriate adjusting entry(s) at December 31, 2021, assuming the fair value of the IBM common shares was: $1,18 entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 $1,395,000 (150,000) $1,245,000 Record the fair value adjustment assuming the fair value of the IBM common shares was $1,187,000.
Exercise 12-17 (Algo) Equity investments; fair value through net income [LO12-5] [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 No changes occurred during 2021 in the investment portfolio. ercise 12-17 (Algo) Part 1 quired: Prepare appropriate adjusting entry(s) at December 31, 2021, assuming the fair value of the IBM common shares was: $1,18 entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 $1,395,000 (150,000) $1,245,000 Record the fair value adjustment assuming the fair value of the IBM common shares was $1,187,000.
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter15: Investments And Fair Value Accounting
Section: Chapter Questions
Problem 2PB
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![Exercise 12-17 (Algo) Equity investments; fair value through net income [LO12-5]
[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
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: $1,187,00
no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
View transaction list
Journal entry worksheet
< 1
$1,395,000
(150,000)
$1,245,000
Record the fair value adjustment assuming the fair value of the IBM common
shares was $1,187,000.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe313bcc6-6d96-4bea-a856-5c9788afe468%2F9c15ec0e-c599-4b32-a314-7b3190259a36%2Fiwc5yif_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Exercise 12-17 (Algo) Equity investments; fair value through net income [LO12-5]
[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
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: $1,187,00
no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
View transaction list
Journal entry worksheet
< 1
$1,395,000
(150,000)
$1,245,000
Record the fair value adjustment assuming the fair value of the IBM common
shares was $1,187,000.
![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: $1,187,000 (If
no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
View transaction list
Journal entry worksheet
< 1
Record the fair value adjustment assuming the fair value of the IBM common
shares was $1,187,000.
Note: Enter debits before credits.
Transactions
1
Record entry
General Journal
Clear entry
Debit Credit
View general journal](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe313bcc6-6d96-4bea-a856-5c9788afe468%2F9c15ec0e-c599-4b32-a314-7b3190259a36%2Fg5ttxgs_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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: $1,187,000 (If
no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
View transaction list
Journal entry worksheet
< 1
Record the fair value adjustment assuming the fair value of the IBM common
shares was $1,187,000.
Note: Enter debits before credits.
Transactions
1
Record entry
General Journal
Clear entry
Debit Credit
View general journal
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