As a long$-$term investment, Painters' Equipment Company purchased $20\%$ of AMC Supplies Inc.$\text{'}$s $550,000$ shares for $$630,000$ at the beginning of the fiscal year of both companies. On the purchase date, the fair value and book value of AMC$$s net assets were equal. During the year, AMC earned net income of $$400,000$ and distributed cash dividends of $30$ cents per share. At year$-$end, the fair value of the shares is $$670,000.$

$1.$ Assume$$no significant influence$$was acquired. Prepare the appropriate journal entries from the purchase through the end of the year.

a$.$ Record the purchase of AMC Supplies shares for $$630,000$ as a long$-$term investment.

b$.$ Record Painters' Equipment's share of AMC Supplies' $$400,000$ net income.

c$.$ Record the cash dividend of $20$ cents per share.

d$.$ Record any necessary year$-$end adjusting journal entry when the fair value of the shares held are $$670,000$ at year$-$end.

$2.$ Assume$$significant influence was acquired. Prepare the appropriate journal entries from the purchase through the end of the year.

a$.$ Record the purchase of AMC Supplies shares for $$630,000$ as a long$-$term investment.

b$.$ Record Painters' Equipment's share of AMC Supplies' $$400,000$ net income.

c$.$ Record the cash dividend of $20$ cents per share.

d$.$ Record any necessary year$-$end adjusting journal entry when the fair value of the shares held are $$670,000$ at year$-$end.