As a long-term investment, Painters' Equipment Company purchased 20% of AMC Supplies Inc.'s 470,000 shares for $550,000 at the beginning of the fiscal year of both companies. On the purchase date, the fair value and book value of AMCs net assets were equal. During the year, AMC earned net income of $320,000 and distributed cash dividends of 20 cents per share. At year-end, the fair value of the shares is $582,000

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.

For Requirement 1:

No	Date	General Journal	Debit	Credit
1	1July 01, 2018	Investment in Jackson bonds	$1,500,000
		Cash		$1,500,000
2	December 31, 2018	Cash	$60,000
		Interest revenue		$60,000
3	December 31, 2018	Fair Value Adjustment	$250,000
		?		$250,000
4	June 30, 2019	Cash	$60,000
		Interest revenue		$60,000
5	July 01, 2019	?	$400,000
		?		$400,000
6	July 01, 2019	Cash	$1,350,000
		?	?	?
		Investment in Jackson Bonds		$1,500,000

For Requirement 2:

	2018	2019	Total
Net income	?	?	?
OCI	?	?	?
Comprehensive Income	?	?	?

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