As a long-term investme 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 $430,000 and distributed cash dividends of 35 cents per share. At year-end, the fair value of the shares is $703,000 nt, Painters' Equipment Company purchased 20% of AMC Supplies Inc's 580,000 shares for S660 000 at the Required 1. Assume no significant influence was acquired. Prepare the appropriate journal entries from the purchase through the end of the year 2. Assume significant influence was acquired. Prepare the appropriate journal entries from the purchase through the end of the year 2