1.

Assume no significant influence was acquired. Prepare the appropriate journal entries from the purchase through the end of the year. (If no entry is required for a particular event, select "No journal entry required" in the first account field.)

2.	Assume significant influence was acquired. Prepare the appropriate journal entries from the purchase through the end of the year. (If no entry is required for a particular event, select "No journal entry required" in the first account field.)

iPad 11:16 AM 16% CO IU.uu pul..IS As a long-term investment, Painters' Equipment Company purchased 20% of AMC Supplies Inc's 460,000 shares for $736,000 at the beginning of the fiscal year of both companies. On the purchase date, the fair value and book value of AMC's net assets were equal. During the year, AMC earned net income of 320,000 and distributed cash dividends of 15 cents per share. At year-end, the fair value of the shares is $768,000 Required: 1. Assume no significant influence was acquired. Prepare the appropriate journal entries from the purchase through the end of the year. (If no entry is required for a particular event, select "No journal entry required" in the first account field.) view general journal Journal Entry Worksheet Record the investment in AMC common shares. Event General Journal Debit Credit *Enter debits before credits done entry