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Business, 27.04.2021 14:40 Papichulo3806

The accounting records of Jamaican Importers, Inc., at January 1, 2021, included the following: Assets: Investment in IBM common shares $ 1,695,000 Less: Fair value adjustment (180,000 ) $ 1,515,000 No changes occurred during 2021 in the investment portfolio. Required: 1. Prepare appropriate adjusting entry(s) at December 31, 2021, assuming the fair value of the IBM common shares was: $1,267,000

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