Pre-Builit Problems The accounting records of Jamaican Importers, Inc., at Janua

Question

Pre-Builit Problems The accounting records of Jamaican Importers, Inc., at January 1, 2018, included the following: Assetsi Isvestaent in InM common shares Lessi Fair value adjustment $1,995,000 210,000) $1,785,000 No changes occurred during 2018 in the investment portfollio. e Prepare appropriate adjusting entryls) at December 31, 2018, assuming the fair value of the IBM common shares was: 1. $1359,000 2. $1,810,000 3. $2,010,000 (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View tra Journal entry worksheet Record the fair value adjustment assuming the fair value of the 1BM common

Explanation / Answer

Date Account Debit credit 1) Unrealized Holding loss on investment 426000 Fair value adjustment 426000 [Being decrease in fair value recorded 1785000-1359000] 2 Fair value adjustment 25000 Unrealized Holding gain on investment 25000 [being increase in fair value recorded 1810000-1785000] 3 Fair value adjustment 225000 Unrealized Holding gain on investment 225000 [Being holding gain recorded 2010000-1785000]

Related Questions

Navigate

• Browse (All)
• Browse P
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.